Richard Branson Targets New Space SPAC to Take Virgin Orbit Public

Richard Branson is looking for a special-purpose acquisition company to merge with another of his space companies, according to a person familiar with the matter.

The billionaire’s satellite launcher, Virgin Orbit, has hired bankers including Credit Suisse Group AG to scout for a SPAC to take the company public with a valuation of as much as $3 billion, said the person, who asked not to be named because the discussions are private. Talks are expected to begin in the coming weeks, with plans to reach a deal within the next few months and complete it by late summer, the person said.