Boeing Investing $20 Million in Branson's Virgin Galactic
October 08 2019 - 8:27AM
Dow Jones News
By Colin Kellaher
Boeing Co. (BA) on Tuesday said plans to invest $20 million in
Virgin Galactic, Richard Branson's space-tourism venture that is
preparing to go public.
The Chicago aerospace giant said it will work with Virgin
Galactic to broaden commercial space access and transform global
travel technologies.
Virgin Galactic in July said it would go public through a deal
with special-purpose acquisition company Social Capital Hedosophia
Holdings Corp. (IPOA), which is planning to invest roughly $800
million in Virgin Galactic for a 49% stake.
Boeing said its investment, which it making through its HorizonX
venture-capital arm, is contingent on the closing of Virgin's
merger deal and will be in the combined company.
"This is the beginning of an important collaboration for the
future of air and space travel, which are the natural next steps
for our human spaceflight program," Mr. Branson said in a
statement. "Virgin Galactic and Boeing share a vision of opening
access to the world and space, to more people, in safe and
environmentally responsible ways."
Boeing said it will share more information on specific projects
the companies plan to pursue at a later date.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 08, 2019 08:12 ET (12:12 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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