(Bloomberg) — Richard Branson is on the hunt for his next big business opportunity after staving off a crisis in his empire of travel and leisure-focused companies hit hard by the coronavirus pandemic.
Branson is inviting investors to buy shares of a listed shell firm, known as a special purpose acquisition company or SPAC, with the aim of later buying an existing business using proceeds from an initial public offering.
His VG Acquisition Corp., as the entity will be known, plans to raise $400 million by selling 40 million units at $10 apiece, according to a filing with the U.S. Securities and Exchange Commission on Wednesday, which said merger options span travel, financial services, media, music and renewable energy.
“We intend to search for targets that operate in consumer-facing industries in the U.S. and Western Europe,” the statement said. “We believe that we will have a unique value