Slaughter and May is advising OneSavings Bank plc on its recommended all-share combination with Charter Court Financial Services Group plc
Slaughter and May is advising OneSavings Bank plc (OSB), the specialist lending and retail savings group, on its recommended all-share combination with Charter Court Financial Services Group plc (Charter Court), pursuant to which OSB will acquire the entire issued and to be issued share capital of Charter Court. Under the terms of the combination, which values Charter Court at approximately £800m, OSB shareholders will own approximately 55% of the share capital of the combined group.
The combination is intended to be implemented by way of a court sanctioned scheme of arrangement and is conditional on various matters, including shareholder approval by both OSB and Charter Court shareholders and regulatory approval from the Prudential Regulation Authority. The combination is expected to complete in Q3 2019.
Cravath Swaine & Moore are advising OSB on US law matters.