Photo credit: INMA/Jarle Naustvik, under Creative Commons license

Famed entrepreneur and Virgin Group founder Richard Branson is apparently looking into yet another business foray, this time looking to launch a special purpose acquisition company (SPAC) named VG Acquisition Corp. VG Acquisition Corp has already put out a formal press release indicating its plans of raising $400 million by offering 40 million units of shares for $10 each. The special purpose acquisition company or blank-check company as they’re fondly called is seeking to list on the New York Stock Exchange under the ticker “VGAC”, with a formal filing already submitted with the U.S. Securities and Exchanges Commission (SEC).

Richard Branson, a successful long-time entrepreneur, isn’t quite new to SPACs, having merged his aerospace company Virgin Galactic with one last year. Virgin Galactic successfully merged with Social Capital Hedosophia in October of last year and got $450 million to fund its operations in the process. The aerospace company began trading with an initial market capitalization of $2.3 billion and currently (as of writing) sports a market capitalization of around $4 billion. 

VG Acquisition Corp will seek merger targets in major industries including travel, financial services, music, media, and renewable energy as indicated by its filing with the SEC. Investment bank Credit Suisse is leading the blank-check company’s offering.

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