Richard Branson, founder and president of Virgin Atlantic Airways Ltd., attends a news conference ahead of the Venezuela Live Aid concert in Cucuta, Colombia, on Friday, Feb. 22, 2019. Army trucks blocking a tunnel almost two hours west of Caracas are preventing Venezuelan National Assembly President Juan Guaido from reaching the Colombian border to oversee the entry of humanitarian aid planned for Saturday. SPACs, as they gain legitimacy, have attracted other billionaires including Bill Ackman. Their wealth and success have become a selling point for drawing in investors. SPACs can also be highly lucrative deals that can quickly add to their fortunes.
Vg Acquisition had filed to sell 40 million units at $10 each. Although Branson is the founder, he isn’t a director of the company, according to the prospectus.
The SPAC will target companies in consumer-facing industries in the U.S. and Western Europe, with a focus on businesses that provide consumer experiences in the sectors that Virgin Group already operates, according to its filings.