Boeing has promised to invest in Richard Branson’s Virgin Orbit as part of a satellite launch startup’s planned $3.2bn SPAC listing later this year.
Virgin Orbit will be listed on the Nasdaq Stock Exchange by merging with NextGen Acquisition Corporation, a special-purpose acquisition company run by former Goldman Sachs banker George Mattson.
Boeing’s planned investments, which have not been previously reported, are intended to be made through private investment in public equity, or through a SPAC-related financing round called PIPE. The fundraiser has earned a total commitment of $100 m, he said. It is not clear how much the Boeing has committed, whether it will invest directly or through a partnership with another fund. Boeing did not immediately return a request for comment made earlier on Monday.
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A private equity fund, AE Industrial Partners LP, will also invest in this PIPE, according to someone familiar with the matter. Boeing said earlier this month that venture capital funds will partner with AE Industrial Partners to invest. AE Industrial Partners also did not immediately return a request for comment at the beginning of Monday.
Details of the list may be announced soon, he said.
Source: Texas News Today
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