Virgin plans to go public

SEATTLE: Richard Branson’s space-tourism venture, Virgin Galactic, plans to go public as part of a deal with a special purpose acquisition company (SPAC) created by Social Capital LP Chief Executive Officer Chamath Palihapitiya, a person familiar with the matter said. The deal was earlier reported by the Wall Street Journal, which said the SPAC, Social Capital Hedosophia Holdings Corp, will invest about $800 million for a 49 per cent stake in Virgin Galactic. — Reuters