Under the agreement, the Co-op will acquire 4.8 million customers and a £24 billion balance sheet for a knock-down price of just £350 million upfront. The combination of the Co-op's existing network with Lloyds TSB and Cheltenham & Gloucester brands will result in a total of 1000 branches, representing a ten per cent share of the UK network, and a seven per cent share of all UK current account customers. Lloyds, which has been forced into the fire sale by regulators as payback for a state-funded bail-out in 2008, had been hoping to realise £1.5 billion from the disposal. The bank stands to earn an additional £400 million earn-out depending on the performance of the business over the next 15 years. As part of the deal, the combined bank will ultimately operate on a separated version of Lloyds' proven IT platform, managed under a long-term service agreement. This was considered a key provision by regulators, to avoid the risks of disruption to existing customers from a technology handover.