Addleshaw Goddard has advised Nationwide Building Society (Nationwide or the Society) on certain key aspects of its recommended all-cash acquisition of Virgin Money UK PLC. The transaction completed on 1 October, 2024, creating a combined Group that will be the second-largest provider of mortgages and savings in the UK.

The acquisition valued the entire share capital of Virgin Money at approximately £2.9billion.

Nationwide is the world's largest building society, with over 17 million customers, 16 million of whom have a current account, mortgage or savings product, and are therefore members of the Society. Nationwide is owned by its members and focuses on providing banking products and services to its customers. 

Prior to completion of the acquisition by Nationwide, Virgin Money was dual-listed on the London Stock Exchange and the Australian Securities Exchange. It has c.6.6 million retail and business customers across the UK. 

The Addleshaw Goddard team was led by Ben Koehne, Co-Head of Financial Services and Head of the firm's Building Societies & Mutuals practice. He said: