Nationwide’s £2.9bn Virgin Money takeover to complete this week

Nationwide Building Society’s £2.9bn takeover of Virgin Money is expected to go through this week after the deal was approved by a judge.

Lawyers for the lenders secured the sanctioning of the deal at a specialist companies court in London on Friday and the deal is expected to become effective on October 1.

The Swindon-headquartered building society agreed to the takeover of its London-listed rival in March.

At the end of the hearing, Judge Sir Anthony Mann said he was satisfied that legal requirements had been complied with.

The court heard that 90% of shareholders who voted at a meeting in May had backed the scheme.

“It’s obviously a sensible scheme with financial benefits,” Sir Anthony said, adding: “There is no apparent blot on this scheme.

“I can see no reason not to sanction the scheme and in my discretion I will do so.”

Click here to sign up to receive our new South West business news...
Close