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Backer sought for Virgin Galactic

Sunday, 17 February 20193 min read

Virgin Group has reportedly hired advisors to find backers for its space tourism venture.

Sky News reports Sir Richard Branson is hunting new funds for Virgin Galactic and his commercial satellite venture, Virgin Orbit, and has hired LionTree Advisors.

Virgin halted a $1bn (£775m) Saudi-funded deal last year, amid an international furore over the murder of Jamal Khashoggi.

Sky sources said Sir Richard was seeking funding that would value Virgin Galactic and Virgin Orbit, which launches satellites for commercial customers, at a combined sum of well over $2bn (£1.55bn).

"LionTree’s appointment is understood to have been made on the back of expressions of investor interest that followed Galactic’s test flight in December to the edge of space," Sky added.

Virgin has not commented on the appointment of LionTree or talks with potential investors.