Virgin Money Snaps Up UK-Owned Bank For £747M

Law360, New York (November 17, 2011, 12:49 PM EST) -- U.K.-owned Northern Rock PLC is returning to the private sector after nearly four years in public care, with Richard Branson's Virgin Money Holdings Ltd. paying £747 million ($1.2 billion) for the bank in a private equity-backed deal, the parties announced Thursday.

The deal, which the parties expect to close Jan. 1, was a key objective of the plan since the beginning of the bank's troubles to ultimately return it to the private sector. Virgin Money is financing the acquisition through an investment consortium led by Virgin...
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