British billionaire Richard Branson is hoping a SPAC can take his aerospace company Virgin Orbit to the moon, and even beyond. Word on the street is the deal could value the company at $3b.
Richard Branson is no stranger to SPACs. In 2019, Branson took his space tourism company Virgin Galactic Holdings (SPCE) public via a SPAC. Branson currently owns 80% of Virgin Orbit, and the rest is owned by Mubadala Investment Company, the UAE’s sovereign wealth fund — so can we take creds for the region and label this as a MENA story?!
Meanwhile, operating a few hundred miles closer to Earth’s surface, Branson’s Virgin Atlantic Airways has been struggling amidst global travel restrictions. The airline is currently seeking a £160m cash injection to stay afloat. Guess things aren’t too rosy for Brandon’s entire portfolio, but after all, that’s the point of diversification.