Tag: Branson

Billionaire Richard Branson wants to raise $460 million for a new SPAC

Virgin Atlantic Airways and Virgin Group founder, Sir Richard Branson.

Craig Barritt

LONDON – Virgin founder Richard Branson is looking to raise $460 million to create a new special purpose acquisition company, or SPAC, becoming the latest in a line of wealthy investors to do so. 

In a filing with the Securities and Exchange Commission on Wednesday, the company said it intended to sell 46 million units at $10 apiece.

Branson is named as the founder of VG Acquisition, which is registered on the Cayman Islands. In the filing, the company said it plans to use the money raised through the initial public offering to acquire a business that is already in operation.

SPACs, also known as blank check companies, are set up for the sole purpose of acquiring another company and listing it on the stock market, usually within a couple of years. More than 50 SPAC offerings have

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Bruised Branson Seeking $400 Million to Fund Next Business Foray

(Bloomberg) — Richard Branson is on the hunt for his next big business opportunity after staving off a crisis in his empire of travel and leisure-focused companies hit hard by the coronavirus pandemic.

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Branson is inviting investors to buy shares of a listed shell firm, known as a special purpose acquisition company or SPAC, with the aim of later buying an existing business using proceeds from an initial public offering.

His VG Acquisition Corp., as the entity will be known, plans to raise $400 million by selling 40 million units at $10 apiece, according to a filing with the U.S. Securities and Exchange Commission on Wednesday, which said merger options span travel, financial services, media, music and renewable energy.

“We intend to search for targets that operate in consumer-facing industries in the U.S. and Western Europe,” the statement said. “We believe that we will have a unique value

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