Virgin Orbit plans $ 3 billion PSPC merger

NextGen II is led by Gregory Summe, former chairman and CEO of PerkinElmer Inc., and George Mattson, former head of the global industry group at Goldman Sachs Group Inc. The merger would value Virgin Orbit at $ 3 billion and could be announced in the near future. weeks to come, according to sources familiar with the proposed deal told aerospace industry publication Sky News on June 12.

NextGen II completed an initial public offering in March, bringing in $ 350 million. He made an additional $ 33 million from an over-allotment in April. CNBC said the funding would help Virgin Orbit grow its business.

Virgin Orbit has reportedly been in talks for months on a PSPC deal with several potential business partners. A representative for the company declined to comment on the eventual deal.

Virgin Orbit founder and chairman Richard Branson went public with Mojave-based space travel company Virgin Galactic in 2019 through a merger with Social Capital Hedosophia, making Virgin Orbit its second SPAC merger in three years.

Virgin Orbit is focused on launching small satellites into low earth orbit. The company split from Virgin Galactic in 2017. Virgin Orbit performed its first successful rocket launch, LauncherOne, in January.

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