Virgin Money set to be taken over by Nationwide in a £2.9 billion deal

Nationwide are set to takeover Virgin Money in a deal worth £2.9 billion.

Nationwide has made an offer of 220p a share for Virgin Money plus a 2p per share dividend payout, this is to be voted on Virgin Money shareholders.

Nationwide said, “Nationwide’s board agreed that a binding offer to acquire Virgin Money was in the best interests of the society and its present and future members, following full consideration and the appropriate due diligence, and after taking comments from members into account.”

Nationwide chief executive Debbie Crosbie said, “This acquisition strengthens Nationwide and means we can offer more value and broader services for our current and future members.

“More people will experience the benefits of mutual ownership and the customer-focused approach of a building society.”

Virgin Money chief executive David Duffy said, “The proposed combination with Nationwide presents an exciting opportunity to build on Virgin Money’s significant strategic and operational progress, including the consistent growth in our retail and business customers, deposits and target lending.”