The British OneSavings Bank buys its counterpart Charter Court. The combination creates one of the largest specialist lending banks in the United Kingdom. Both financial institutions focus on mortgages for landlords.
The deal is fully settled in shares. For each Charter Court share, holders receive 0.8253 new OneSavings Bank shares. Based on the current stock market price of OneSavings Bank, Charter Court would be worth nearly £ 800 million, the British newspaper Financial Times calculated.
Shareholders of OneSavings Bank get 55 percent of the merged company, holders of securities Charter Court the rest.