Billionaire Richard Branson Is Poised to Pocket £670 Million in Nationwide Takeover of Virgin Money

Virgin Money, a UK bank in which British billionaire Richard Branson owns a 14.5% stake, has received a takeover bid of £2.9 billion from banking rival Nationwide Building Society. If the deal is successful, Branson could receive a personal cash windfall of at least £420 million ($539 million). However, there is a possibility that Nationwide may choose to discontinue the Virgin Money branding. If this happens, Branson could receive an even larger reward due to a brand licensing agreement.

Nationwide has announced its plans to acquire Virgin Money. As part of the takeover bid, Nationwide intends to rebrand and dissolve the Virgin Money name over the next four years. This move could result in an “exit fee” of £250 million ($321 million) for Sir Richard Branson, the founder of Virgin Money. Branson’s total compensation from the deal would then reach around £670 million ($860 million).

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