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Virgin Money Set to Win Bid to Buy Northern Rock, Times Reports

Oct. 23 (Bloomberg) -- Virgin Money Ltd. is close to winning its bid to buy Northern Rock Plc in a 1 billion-pound ($1.6 billion) transaction, the Sunday Times reported, citing unidentified sources close to the sale.

Virgin Money emerged as the favorite after a bid by JC Flowers & Co LLC was on the brink of collapse this weekend following Friday’s end to talks with Principality on a joint offer, the newspaper said.

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net

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