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6/12, 2:47 PM (Source: TeleTrader)
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Virgin Orbit close to $3 billion SPAC deal - report

Billionaire Richard Branson is nearing a deal to launch his satellite launch company Virgin Orbit on the United States stock market via a special purpose acquisition company (SPAC) merger, Sky News reported on Saturday.

Virgin Orbit is reportedly expected to merge with NextGen Acquisition II, co-chaired by former Goldman Sachs Group Inc. banker George Mattson. A $3 billion SPAC deal involving the two companies could be revealed in the coming weeks, according to the report.

Branson holds an 80% stake in Virgin Orbit, with the United Arab Emirates sovereign wealth fund Mubadala Investment Company PJSC owning the rest.

Breaking the News / MS