LONDON (ShareCast) - (Sharecast News) - Virgin Money and CYBG announced on Monday that all the conditions set out in the scheme document published by Virgin on 31 July had been satisfied or waived, with the scheme becoming effective in accordance with its terms.
The firms said that followed the court's sanction of the scheme at a hearing on 12 October.

On 18 June, the boards of Virgin Money and CYBG announced that they had reached agreement on the terms of a recommended all-share offer by CYBG for the entire issued and to-be-issued share capital of Virgin Money.

The offer was being implemented by means of a scheme of arrangement under Part 26 of the Companies Act 2006, sanctioned by the court.

"I am delighted we have completed the acquisition of the Virgin Money business," said CYBG chairman Jim Pettigrew.

"It is clear to us that the combined group can transform the UK banking landscape and offer real benefits to customers and communities throughout the UK."

Pettigrew said that, since CYBG's initial public offering in 2016, the board and leadership team had established the company as a "strong and sustainable" business, with a track record of delivery and the credentials to deliver a transformational combination with Virgin Money.

"This transaction can deliver real value for all shareholders and create a powerful force in UK banking."

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