Coventry Nears Deal to Buy UK's Co-Op Bank for £780 Million [BNN Bloomberg (Canada)]
Barclays PLC (BCS)
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Source: BNN Bloomberg
Non-binding terms have been agreed for an all-cash acquisition of Co-Op Bank, according to a statement Thursday. Discussions are “well advanced” and “the parties are working together to enter into definitive agreements,” while noting an acquisition may still not occur. The deal, which would create a lender that would have had an £89 billion balance sheet at the end of 2023, would not require a vote by Coventry's members, according to the statement. Up to £125 million of the cash consideration will be deferred for a period of three years, subject to future performance. The firms previously said in December they had entered a period of exclusivity, with Co-Operative Bank saying it was meant to better evaluate the merits of a combination. Manchester-based Co-Operative Bank has been seeking “strategic opportunities” following its recovery in the past few years. Last year, it agreed to buy the £500 million mortgage portfolio of Sainsbury's Bank. The deal comes on the heels of Nati
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