London snub: Branson heads for Amsterdam SPAC listing
The Virgin Group has drawn up plans to list a new special purpose acquisition company (SPAC) in Amsterdam in the coming months, insiders report.
According to Sky News, Sir Richard Branson is working with bankers on the European listing, with some deeming it a snub to the London market.
One source told Sky News that the Amsterdam-listed vehicle would probably seek to raise an initial sum of around €200m (£167m), although the final details have yet to be determined.
SPACs are often a good option for entrepreneurs, providing less dilution, greater speed to capital, lower fees, and fewer regulatory demands. Their popularity has thereby exploded in the last two years.
Billionaire Branson has used SPACs for his space tourism venture Virgin Galactic, as well as his satellite operation Virgin Orbit.
An announcement for the new listing is expected as soon as the first quarter of 2022.
Sir Richard’s business is working with bankers on a listing, which could be announced as soon as the first quarter of 2022, according to insiders.
The news may be interpreted as a s given that Virgin Group is based in the UK and that British regulators have reformed listing rules to make it easier to pursue SPAC deals in London.