Richard Branson’s Virgin Galactic plans to go public: source

FILE PHOTO: Virgin Galactic founder Richard Branson speaks throughout an interview whereas attending the Space Symposium in Colorado Springs, Colorado, U.S., April 11, 2019. REUTERS/Kelsey Brunner

(Reuters) – Richard Branson’s space-tourism enterprise, Virgin Galactic, plans to go public as a part of a cope with a particular objective acquisition firm (SPAC) created by Social Capital LP Chief Executive Officer Chamath Palihapitiya, an individual conversant in the matter mentioned.

The deal was earlier reported by the Wall Street Journal, which mentioned the SPAC, Social Capital Hedosophia Holdings Corp (IPOA.N), will make investments about $800 million for a 49% stake in Virgin Galactic.

The deal could possibly be introduced as early as Tuesday morning, mentioned the source, who declined to be named as a result of the matter is confidential.

Virgin Galactic and Social Capital Hedosophia didn’t reply to requests for remark from Reuters exterior common enterprise hours.

Branson’s firm is racing in opposition to Blue Origin, the area enterprise of Inc (AMZN.O) founder Jeff Bezos, to convey vacationers into area.

Virgin Galactic in February soared to the sting of area with a take a look at passenger for the primary time, nudging the corporate nearer to its aim of suborbital flights for area vacationers.

After Branson based the corporate in 2004, his formidable timeline for taking prospects into area suffered delays and a deadly setback when the unique SpaceShipTwo crashed on a take a look at flight in 2014 that killed the co-pilot and critically injured the pilot.

Branson has mentioned he plans to be the primary passenger on SpaceShipTwo’s first business flight in mid-2019.

Reporting by Eric Johnson in Seattle and Rama Venkat in Bengaluru; Editing by Subhranshu Sahu

Our Standards:The Thomson Reuters Trust Principles.

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