Wilbur Ross's Virgin Money Investment Ready to Pay Off on IPO
Virgin Money is planning for an IPO next year and Wilbur Ross, who has a 45 percent stake in the company, stands to make a significant return on his investment.
Virgin Money is planning its IPO for next year and Wilbur Ross stands to make a significant return on his investment. Ross has a 45 percent stake in Virgin Media, which bought the "good" part of the bailed-out lender Northern Rock in 2012. How is his investment going to pay off? The company is expected to be valued at nearly $3.5 billion dollars, so the payout for investors would be huge. Majority owner Richard Branson, who owns 47-percent of Virgin Money, will likely appoint advisers at Goldman Sachs and Bank of America Merrill Lynch to handle the IPO.
