Branson-backed SPAC to take DNA-testing firm 23andMe public in $3.5 bn deal

A SPAC, or a blank-check firm, is a shell company that raises funds in an initial public offering (IPO) with the aim of acquiring a private company, which then becomes public as result of the merger

A blank-check firm, backed by Virgin Group founder Sir Richard Branson, is taking consumer DNA-testing firm 23andMe public in a deal that values the merged entity at $3.5 billion, the companies said on Thursday.
 

As part of the deal with VG Acquisition Corp, 23andMe will receive proceeds of $759 million, which includes $250 million from a range of investors including Branson, 23andMe co-founder Anne Wojcicki, funds managed by Fidelity Management & Research Co LLC, Altimeter Capital, Casdin Capital and Foresite Capital.
 

Billionaire Branson, a serial entrepreneur whose space tourism company Virgin Galactic went public through a deal with prolific blank-check