Branson's Virgin Orbit to go public through $3.2b SPAC merger

Billionaire Richard Branson's Virgin Orbit, a small satellite launch service provider, is going public through a merger with a blank-check vehicle that values it at about $3.2b. The deal with NextGen Acquisition Corp. II, announced on Monday, includes $100m in funding from Boeing, AE Industrial Partners and others in the form of private investment in public equity, or PIPE. Virgin Orbit and rivals Firefly and Rocket Lab are among firms building miniaturized launch systems to capitalize on an expected boom in demand for compact satellites. They offer a unique "air-launch" method of sending satellites to orbit. "We can turn any runway across the globe, from an airport into a spaceport, because we fly a (Boeing) 747," said CEOr Dan Hart, a former executive of the US planemaker.<br/>