Allen & Overy is advising Virgin Money Holdings (UK) plc (Virgin Money) on the offer by CYBG PLC (CYBG) for the entire issued and to be issued share capital of Virgin Money.

The offer values the entire share capital of Virgin Money at approximately GBP1.7 billion.

A&O has acted for Virgin Money since 2007, when advising on its bid for Northern Rock.  Since that time, A&O has advised Virgin Money on multiple transactions, including on the acquisition of Northern Rock from the UK government in 2011 and on the IPO of Virgin Money in 2014.

Corporate partner George Knighton, who led the A&O team, comments: "This is a landmark deal for a longstanding client and one in which plays well to the  breadth of experts we have in the many and various areas of technical expertise required." 

The A&O team is being led by corporate partner George Knighton and senior associate Claire Coppel with support from partners Seth Jones and David Broadley, senior associate Eimear Coady, associates Chloe Bowskill and Anthony Bowen. A&O also advised on incentives, employment, antitrust, regulatory, IP and pensions aspects of the transaction.