Clifford Chance
Clifford Chance advises Virgin Money UK plc on its £2.9 billion acquisition by Nationwide Building Society
22 March 2024
- David Pudge , Katherine Moir , Sonia Gilbert , Chinwe Odimba-Chapman , Simon Sinclair , Sue Hinchliffe , Stephen Reese , Simon Crown , Rui Huo , Caoimhin Eastwood , Catherine Freeman , Tom Masters , Sabra Ferhat , Farhan Shahid , Joseph Sherlock , Julia Clark-Leonard , Florence Wong , Charles Morris , Sophie Wilkinson
- London
Clifford Chance advises Virgin Money UK plc on its £2.9 billion acquisition by Nationwide Building Society
Global law firm Clifford Chance has advised Virgin Money UK plc on its £2.9 billion acquisition by Nationwide Building Society. This deal represents the largest UK banking deal since the financial crisis, creating a combined entity with total assets of approximately £366.3 billion. The acquisition will position the new group as the second-largest provider of mortgages and savings in the UK, marking a transformative shift for the financial services sector.
The transaction was led by partners David Pudge and Katherine Moir, with support from partners Sonia Gilbert, Chinwe Odimba-Chapman, Simon Sinclair, Sue Hinchliffe, Stephen Reese and Simon Crown. Additional support also came from director of public M&A Rui Huo, and associates Caoimhin Eastwood, Catherine Freeman, Tom Masters, Adele Mosdell, Sabra Ferhat, Farhan Shahid, Joseph Sherlock, Julia Clark-Leonard, Florence Wong, Charles Morris and Sophie Wilkinson.
Clifford Chance has a history of facilitating major transactions in the financial sector and working alongside Virgin Money UK, with the firm's involvement in CYBG's demerger from NAB and the subsequent acquisition of Virgin Money in 2018, which led to the establishment of Virgin Money UK plc.
