Mid-sized British bank CYBG give the word delivered on Monday it had clinched a deal to take over rival Virgin Riches after over a month of talks, in a deal valuing the lender at hither 1.7 billion pounds ($2.26 billion).
The deal will manufacture Britain’s sixth biggest bank by assets. It is on the same terms as an spread bid CYBG put forward earlier in June, will see Virgin Money shareholders acquire 1.2125 CYBG shares per Virgin Money share and own approximately 38 percent of the joined group.
CYBG’s chairman, Jim Pettigrew, its CEO David Duffy and its finance commander Ian Smith will all retain their roles in the combined group, with Virgin Spinach CEO Jayne-Anne Ghadia to act as a senior adviser to Duffy for an unspecified period of straightaway beyond the completion of the offer.