Freshfields And Allen Leading On $1.18 Billion Acquisition Deal
The financial-services of Richard Branson's Virgin Group will acquire Northern Rock bank from the U.K. government for $1.18 billion deal. Virgin had attempted to acquire Northern Rock in 2008. But at that time Northern Rock was taken over by the U.K. after the lender turned to the Bank of England for emergency funding. The seizure was anticipated as a temporary resolution to stabilize the bank. Allen & Overy is serving as a counsel to Virgin Money on the transaction. Freshfields Bruckhaus Deringer will be advising Northern Rock bank on the matter.