VG Acquisition logo

VGAC.U - VG Acquisition News Story

$12 0.2  1.6%

Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 7277

UPDATE 1-Branson-backed SPAC to take DNA-testing firm 23andMe public in $3.5 bln deal

Thu 4th February, 2021 1:11pm
(Adds more details from statement)
    Feb 4 (Reuters) - A blank-check firm, backed by Virgin Group
founder Sir Richard Branson, is taking consumer DNA-testing firm
23andMe public in a deal that values the merged entity at $3.5
billion, both companies said on Thursday. 
    As part of the deal with VG Acquisition Corp  VGAC.N ,
23andMe will receive proceeds of $759 million, which includes
$250 million from a range of investors including Branson,
23andMe co-founder Anne Wojcicki, funds managed by Fidelity
Management & Research Co LLC, Altimeter Capital, Casdin Capital
and Foresite Capital.
    Billionaire Branson, a serial entrepreneur whose space
tourism company Virgin Galactic went public through a deal with
prolific blank-check investor Chamath Palihapitiya's special
purpose acquisition company (SPAC) in 2019, is the latest
celebrity to join the blank-check dealmaking frenzy.
    The merged entity will trade under the symbol "ME" on the
New York Stock Exchange. 
    Citigroup is serving as lead financial adviser, capital
markets adviser and placement agent to 23andMe.     

 (Reporting by Anirban Sen in Bengaluru; Editing by Shailesh
Kuber and Sherry Jacob-Phillips)
 ((; (within U.S.+1 646 223 8780;
outside U.S. +91 80 6182 3583) Twitter: @asenjourno;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.