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.