Slaughter and May is acting for NSF in relation to its all-share takeover offer for Provident to create a leading UK non-standard finance provider with strong positions in credit cards, home credit, branch-based lending and guarantor loans.

The transaction is formally supported by shareholders holding over 50 per cent. of Provident’s share capital, representing a significant statement of support in favour of the NSF management and its future plans. Based on NSF’s closing price of 58 pence per NSF Share on 21 February 2019, the transaction values the entire issued and to be issued ordinary share capital of Provident at approximately £1.3 billion. The transaction would result in Provident shareholders owning approximately 87.8 per cent. of the enlarged NSF group and becoming major participants in the potential future value creation in the enlarged NSF group.

NSF intends to acquire and transform Provident to unlock substantial value for all shareholders of, and stakeholders in, both Provident and NSF. The transaction is expected to create a well-balanced group with leading positions in some of the most attractive segments of the non-standard finance sector.

Contacts
Corporate: Andy Ryde (partner), Paul Mudie (partner), Harry Hecht (associate), Daniel Whitelock (associate), Greg James (associate), Helen Emanuel (associate), Matt Farrington (associate); Financing: Richard Jones (partner); Competition: Bertrand Louveaux (partner), Jordan Ellison (partner); Financial Regulation: Jan Putnis (partner), Tim Fosh (associate)