Trio of magic circle firms lead on CYBG's £1.7bn Virgin Money takeover
Three top firms advise on deal to create UK's sixth-largest bank
June 18, 2018 at 06:34 AM
2 minute read
Slaughter and May, Allen & Overy (A&O) and Clifford Chance (CC) have taken key roles on Clydesdale and Yorkshire Banking Group (CYBG's) £1.7bn takeover of Virgin Money.
The deal, confirmed today (18 June), will create the UK's sixth-largest bank, with six million personal and small business customers, although it has been widely reported that about 1,500 jobs are at risk as a result of the combination.
CYBG's retail customers will move over to Virgin Money within the next three years, with CYBG set to take on the Virgin Money brand.
Slaughters is advising Virgin Money's majority shareholder Virgin Group, which has a 34.8% stake in the business, with a team headed up by M&A head Roland Turnill and corporate partner Rob Innes, intellectual property partner Cathy Connolly and financial regulation partner Jan Putnis.
A&O advised longstanding client Virgin Money on the deal, with a team led by City corporate partners David Broadley and George Knighton, alongside M&A partner Seth Jones.
Meanwhile, CC is advising CYBG with a team led by corporate partner David Pudge, and supported by corporate colleagues Gareth Camp and Katherine Moir, alongside IP partner Stephen Reese, head of CC's UK antitrust team Alex Nourry, regulatory partner Simon Crown and capital markets partners Adrian Cartwright and Christopher Walsh.
The deal comes six and a half years after Virgin Money bought the remnants of Northern Rock for £747m in 2011. A&O, Ashurst and Herbert Smith advised Virgin Money on the deal, while Freshfields Bruckhaus Deringer advised Northern Rock and its owner, UK Financial Investments.
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