Nationwide set to take over Virgin Money in £2.9bn deal
Nationwide Building Society is set to take over smaller rival Virgin Money after the pair agreed a deal worth around £2.9 bn. Confirmation of the deal comes after the two companies reached a preliminary agreement earlier this month, with Nationwide having spent the past two weeks looking through Virgin Money’s books before making the firm offer.
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00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06 Here are your business headlines for this morning.
00:10 Nationwide Building Society is set to take over its smaller rival Virgin Money after
00:14 the pair agreed a deal worth around £2.9 billion.
00:18 Confirmation comes after the pair reached an agreement on the deal earlier this month,
00:22 with Nationwide having spent the past two weeks looking through Virgin Money's books
00:27 before making the firm offer.
00:30 In a statement, Nationwide said, "Nationwide's board agreed that a binding offer to acquire
00:36 Virgin Money was in the best interests of the Society and its present and future members,
00:41 following full consideration and the appropriate due diligence, and after taking comments of
00:47 the members into account."
00:49 So big update this morning affecting financial services in the UK.
00:53 Nationwide Building Society is set to take over its smaller rival Virgin Money after
00:57 the pair agreed a deal worth around £2.9 billion.
01:01 My name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
01:04 [BLANK_AUDIO]