Seattle Times by By Justin Bachman and Tony Robinson 8/23/2021
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 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.
The agreement with NextGen extends a wave of mergers with special-purpose acquisition companies, or SPACs. So-called blank-check companies like NextGen have raised $129 billion globally this year, more than last year’s record $84 billion haul, and the deals are playing an increasingly important role in funding new space ventures. A SPAC transaction involving another launch company, Rocket Lab USA, is set to close this week.
More:
https://www.seattletimes.com/business/boeing-invests-in-richard-bransons-virgin-orbit-space-startup/
