Nationwide Building Society’s £2.9 billion takeover of Virgin Money UK PLC (LSE:VMUK) has been given the go-ahead by a specialist companies court in London.
Judge Anthony Mann ruled on Friday that the acquisition could go ahead after being “satisfied” legal requirements over the deal had been met.
He said: “It’s obviously a sensible scheme with financial benefits.
“There is no apparent blot on this scheme.”
Nationwide had agreed the deal with Virgin Money in March, comprising of a 220p-a-share offer, alongside a 2p dividend payment.
This will see Britain's fifth and sixth-largest retail banks merge to create a group boasting some 24.5 million customers, with the deal expected to close on October 1.
Britain’s Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority were said to have approved the deal earlier this month.
“I can see no reason not to sanction the scheme and in my discretion I will do so,” Mann added.