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By Colin Kellaher
Boeing Co. (BA) will have a roughly 1% stake in Virgin Galactic in return for its $20 million investment in Richard Branson's space-tourism venture.
The investment equates to roughly 1.94 million shares of VGH Inc., the entity being formed by the merger of Virgin Galactic and special-purpose acquisition company Social Capital Hedosophia Holdings Corp. (IPOA), according to a Social Capital filing with the Securities and Exchange Commission.
Boeing on Tuesday said it plans to work with Virgin Galactic to broaden commercial space access and transform global travel technologies as part of the investment, which it is making through its HorizonX venture-capital arm.
Boeing will have the right to have a representative attend all VGH board meetings, according to the filing.
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(END) Dow Jones Newswires
October 08, 2019 11:40 ET (15:40 GMT)
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