Economics
Branson’s Virgin Orbit to List in SPAC Deal Backed by Boeing
- Merger values satellite-launch company at $3.2 billion
- Planemaker, AE Industrial, others to invest $100 million
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Richard Branson’s Virgin Orbit agreed to go public through a reverse merger with NextGen Acquisition Corp. II that will value the satellite-launch company at $3.2 billion.
Investors including Boeing Co. and AE Industrial Partners committed $100 million to Virgin Orbit through a private investment in public equity, according to a statement Monday. The merger is expected to provide the new company with $483 million in cash proceeds, bolstering its capital until regular launch operations -- and more stable revenue streams -- are expected in 2023.