The financial-services arm of Richard Branson’s Virgin Group said Thursday that it will acquire Northern Rock bank from the U.K. government for $1.18 billion in cash.
Northern Rock was taken over by the U.K. in 2008 after the lender turned to the Bank of England for emergency funding. The seizure-which, according to BBC reports, was intended as a temporary solution to stabilize the bank-blocked Virgin’s attempt to acquire Northern Rock at the time, prompting Branson to criticize the government’s move.
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