July 9, 2019 / 5:03 AM / 2 months ago

Richard Branson's Virgin Galactic plans to go public - source

July 9 (Reuters) - Richard Branson’s space-tourism venture, Virgin Galactic, is planning to go public as part of a deal with a special-purpose acquisition company (SPAC) created by Social Capital LP Chief Executive Officer Chamath Palihapitiya, a person familiar with the matter said.

The deal was earlier reported on.wsj.com/2S3zKFq by the Wall Street Journal, which said the SPAC, Social Capital Hedosophia Holdings Corp, will invest about $800 million for a 49% stake in Virgin Galactic.

The deal could be announced as early as Tuesday morning, said the source, who declined to be named because the matter is confidential.

Virgin Galactic and Social Capital Hedosophia did not respond to requests for comment from Reuters outside the regular business hours. (Reporting by Eric Johnson in Seattle and Rama Venkat in Bengaluru; Editing by Subhranshu Sahu)

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