Branson's Virgin Orbit hires bankers to go public through a SPAC – WSJ

FILE PHOTO: Richard Branson’s Virgin Orbit, prior to its takeoff on a key drop test of its high-altitude launch system for satellites from Mojave, California, U.S. July 10, 2019. REUTERS/Mike Blake

(Reuters) – Billionaire Richard Branson’s Virgin Orbit has hired bankers to go public through a special purpose acquisition company (SPAC), while seeking a $3 billion valuation, the Wall Street Journal reported here on Friday, citing people familiar with the matter.

Virgin Orbit has hired Credit Suisse Group AG and LionTree LLC, the report said, as the satellite launching company aims for a value ranging from $2.5 billion to over $3 billion.

Virgin Orbit was not immediately available for comment.

The development comes as Branson, a serial entrepreneur and a prolific investor, has raised hundreds of millions through multiple blank-check companies so far.

Earlier this week, Branson-backed blank-check firm Virgin Group Acquisition Corp III said here it was looking to raise as much as $500 million through an initial public offering.

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