(Reuters) – Britain’s competition regulator said on Friday it has cleared Nationwide Building Society’s proposed 2.9-billion-pound ($3.75 billion) all-cash deal to buy Virgin Money (LON:VM) UK.
The deal, which was announced in March and is expected to close in the fourth quarter, could create the country’s second-largest savings and mortgage provider, after Lloyds Banking Group (LON:LLOY), the owner of Halifax.
The Competition and Markets Authority said it has found that the proposed deal does not give rise to a realistic prospect of a substantial lessening of competition.
($1 = 0.7732 pounds)
Source:reuters