U.K.'s Virgin Money Hires Advisers for IPO -- Report

By Dow Jones Business News, 
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Virgin Money PLC (NRK.YY), the U.K. bank 47%-owned by Richard Branson, is poised to appoint advisers at Goldman Sachs and Bank of America Merrill Lynch in preparation for a stock market flotation next year, The Daily Telegraph reported Monday.

The group, which bought the "good" part of the bailed-out lender Northern Rock in 2012, is expected to be valued at up to GBP2 billion ($3.4 billion) and will join a list of eight banks that are likely to launch an initial public offering over the next two years, The Telegraph said.

A GBP1.5 billion billion flotation of Virgin Money would result in a bumper payout for shareholders, who also include the U.S. investor and restructuring specialist Wilbur Ross with a 45% stake, the Abu Dhabi government, and around 2,700 staff, The Telegraph said.

Newspaper website: www.telegraph.co.uk

Write to Dennis Baker at dennis.baker@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


  (END) Dow Jones Newswires
  05-11-142103ET
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This article appears in: IPOs

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