UK

Nationwide agrees terms for £2.9bn Virgin Money takeover

Acquisition would create a group with total assets of £366 billion

The Virgin Money Board said it was "minded" to recommend the deal to shareholders (Getty Images)

Nationwide Building Society has reached a preliminary agreement that would see it buy Virgin Money in a £2.9 billion deal.

That deal is yet to be finalised, but sees Nationwide offering 218 pence per Virgin Money share, as well as a proposed dividend of 2 pence per share – a 38 per cent premium on the company's share price on Wednesday.

As the UK's largest building society, Nationwide's acquisition would create a group with total assets ...