VG Acquisition Corp., a blank check company formed by Virgin Group targeting consumer-facing businesses in the US and Western Europe, raised $480 million by offering 48 million units at $10. The company offered 8 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by CEO Josh Bayliss and CFO Evan Lovell, who serve as CEO and CIO of Virgin Group, respectively. VG Acquisition Corp. plans to use Virgin Group's extensive resources to target businesses in consumer-facing industries across the US or Western Europe. The company's primary focus will be on businesses that provide consumer experiences in the sectors in which Virgin has historically been successful.
VG Acquisition Corp. plans to list on the NYSE under the symbol VGAC.U. Credit Suisse acted as sole bookrunner on the deal.
