Ashurst advises on £2.9 billion recommended takeover of Virgin Money by Nationwide

Global law firm Ashurst is advising UBS, as financial adviser to Nationwide, on the recommended cash offer by Nationwide to acquire the entire issued, and to be issued, share capital of Virgin Money. The acquisition is valued at approximately £2.9 billion on a fully diluted basis.

Nationwide is the UK's largest building society. The acquisition would result in Nationwide becoming the second largest provider of mortgages and savings in the UK with access to greater diversity of funding, combined assets of approximately £366 billion.

The Ashurst team is being led by corporate partner James Fletcher, supported by associates Colin Bugler, Millie Gibbs, Patrick Chambers and Lucy Mclaughlan. Global markets partner Alex Biles and associates Emma Bridger and Myung Cho are also advising.