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Wilbur Ross, Stanhope launch Virgin Money share sale - bookrunners

Reuters - UK Focus

LONDON, April 14 (Reuters) - Two investors in Virgin Money are selling up to 45 million shares in the UK lender, representing around 10.2 pct of the firm's issued share capital, bookrunners on the deal said in a statement on Tuesday.

Funds managed by US billionaire Wilbur Ross and Stanhope Investments are selling the shares in an accelerated bookbuild. Ross currently owns a 33.5 percent stake of Virgin Money, worth around 625 million pounds.

The placement is being run by Goldman Sachs (NYSE: GS-PB - news) and BoA Merrill Lynch. It will boost Virgin Money's free float to around 35.9 percent and trim Ross's stake to around 25.6 percent.

"WL Ross (NasdaqCM: WLRH - news) ...remains committed to the long-term growth strategy of the Company", the statement said. (Reporting By Freya Berry; editing by Sophie Sassard)