Richard Branson plans new SPAC to take Virgin Orbit public

“Billionaire Richard Branson is looking for a special-purpose acquisition company (SPAC) to merge with his space company Virgin Orbit, people familiar with the matter told The Wall Street Journal (WSJ). Virgin Orbit is aiming for a valuation of up to $3 billion.

Bankers, including Credit Suisse Group AG and LionTree LLC, have been hired to look for a SPAC to take Branson’s Virgin Orbit public, the person told WSJ on condition of anonymity because the discussions are private. It is valued in the range of $2.5 billion to over $3 billion.

Talks are expected to begin in the coming weeks, and there are plans to reach a deal within the next few months, besides completing it by late summer, the source said.”


Source: CNBC TV18