VGAC - Richard Branson SPAC VG Acquisition Corp. pops 31% on 23andMe merger

February, 04 2021 05:22 PM VG Acquisition Corp. Class A

Popular home-genetics testing firm 23andMe agreed Thursday to go public via a SPAC operated by Virgin Group’s Sir Richard Branson in a deal that will value the company at some $3.5 billion. The news sent VG Acquisition Corp. (VGAC), Branson’s special purpose acquisition company, up 31.3% to a record close."Of the hundreds of companies we reviewed for our SPAC, 23andMe stands head and shoulders above the rest," Branson said in a statement announcing the deal. "As an early investor, I have seen 23andMe develop into a company with enormous growth potential.”Under terms of the deal, 23andMe will receive up to $759 million in cash – as much as $509 million from VGAC, plus another $250 million in a private placement in public equity (PIPE).Money for the PIPE will come from a combination of institutional investors like Fidelity Management & Research Co., Altimeter Capital, Casdin Capital and Foresite Capital, plus $25 million

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Richard Branson SPAC VG Acquisition Corp. pops 31% on 23andMe merger

Company Name:	VG Acquisition Corp. Class A
Stock Symbol:	VGAC
Market:	NYSE

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