As I reported here exclusively back on May 11, Google has been in talks with Virgin Galactic for acquisition of its LauncherOne satellite technology and an equity stake in Richard Branson’s space tourism company. Sky News reports:
The talks are likely to lead to a deal with two main elements, according to insiders.
The first will see Google inject hundreds of millions of dollars into a joint venture, with Virgin Galactic folding in the technology it has developed as part of its efforts to build the world’s first space tourism business.
The second component will involve Google spending roughly $30m (£17.8m) in return for a small stake in the Virgin Galactic holding company.
The terms of the alliance have not yet been finalised and could yet be altered before a deal is struck.
A person close to Google said, though, that its £17.8m investment could value Virgin Galactic at as much as £1.2bn, equating to a shareholding of approximately 1.5%.