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 take care of a particular function acquisition firm (SPAC) created by Social Capital LP Chief Executive Officer Chamath Palihapitiya, an individual conversant in the matter stated.

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

The deal might be introduced as early as Tuesday morning, stated 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 outdoors common enterprise hours.

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

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

After Branson based the corporate in 2004, his bold timeline for taking prospects into house 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 stated 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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