- Billionaire Richard Branson is looking to raise $400 million in a special purpose acquisition company, a US filing showed Wednesday.
- VG Acquisition Corp, the name of the new company intends to sell 40 million units at a price of $10 per unit.
- The company said it plans to search for targets that operate in consumer-facing industries in US and Western Europe.
Billionaire Richard Branson, who is founder of the Virgin Group has joined the “blank-check” frenzy and is looking to raise $400 million to fund a possible takeover.
A filing by the U.S Securities and Exchange Commission said VG Acquisition Corp which filed on Wednesday is looking to raise $400 million in a special purpose acquisition company, also known as SPAC, as it looks to expand its Virgin empire.
The filing showed the VG Acquisition Corp intends to sell 40 million units at an individual price of $10.
The company said it plans to “search for targets that operate in consumer-facing industries in the U.S. and Western Europe.”
Source: Markets Insider – Billionaire Richard Branson to raise $400 million for new SPAC as it looks to expand its Virgin empire