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<ul class="summary-list"><li>Shares of <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword> <keyword id="10728296" type="UNKNOWN" weightage="60" keywordseo="nextgen-acquisition-corp-">NextGen Acquisition Corp.</keyword> jumped as much as 40% on Monday afternoon after reports of a potential deal with EV truck maker Xos.</li><li>NextGen Acquisition was founded by ex-Goldman Sachs banker George Mattson and ex-Carlyle Group chairman Gregory Summe.</li><li>The group raised $375 million in an IPO last November and have been looking for an industrial or healthcare-related partner to take public since.</li></ul>SPAC NextGen Acquisition Corp. jumped as much as 40% on Monday before paring gains after a <a href="https://www.reuters.com/article/us-xos-trucks-m-a-nextgen-acqsn-exclusiv/exclusive-electric-truck-maker-xos-in-deal-talks-to-go-public-sources-idUSKBN2A829G">Reuters report</a> suggested the company is in talks to take the EV truck-maker Xos Trucks public.According to Reuters sources, the special purpose acquisition company is in discussions with investors about raising financing for the deal and an agreement could be announced as earlier as this month.Insider's request for comment from Xos and NextGen went unanswered, and the companies declined Reuters' request from comment.NextGen was formed by ex-Goldman Sachs banker George Mattson and ex-Carlyle Group chairman Gregory Summe, who raised $375 million in an IPO back in November. The company has been looking for a partner to take public ever since, and with EVs booming, Xos is a solid option.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-16-high-conviction-picks-outperform-credit-suisse-2021-2?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Credit Suisse says to buy these 16 'highest-conviction' stock picks that are set to outperform despite the market's contrarian view</a><a href="https://xostrucks.com/">Xos</a>, previously known as Thor, creates state-of-the-art electric commercial vehicles that focus on reducing operating costs for clients. It boasts its own operating system and customers like UPS and the cash handling company Loomis, among others.The reported deal between NextGen and Xos takes advantage of two of the most popular trends in the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> today: SPACs and EVs.A special purpose acquisition company, or SPAC, is a 'blank-check' firm that doesn't have any business operations of its own. Rather, SPACs goal is to merge with private companies using funds from their initial public offerings (IPOs). This allows the private company to skip the burdensome regulatory procedures that can slow a public offering.In the past, SPACs were a rare phenomenon not usually seen in the markets, however last year saw a boom in SPAC offerings. In fact, 219 SPACs <a href="https://markets.businessinsider.com/news/stocks/spacs-raised-73-billion-more-than-traditional-ipos-blank-checks-2020-12-1029906693">raised $73 billion in proceeds</a> in 2020, representing a year-over-year jump of 462% which outpaced traditional IPOs by $6 billion.High profile companies that have gone public via SPACs include <a href="https://markets.businessinsider.com/stocks/spce-stock?utm_source=markets&amp;utm_medium=ingestgest">Virgin Galactic,</a> <a href="https://markets.businessinsider.com/stocks/dkng-stock?utm_source=markets&amp;utm_medium=ingestgest">DraftKings</a>, and <a href="https://markets.businessinsider.com/stocks/nkla-stock?utm_source=markets&amp;utm_medium=ingestgest">Nikola</a>.Xos competitor Proterra <a href="https://www.businessinsider.com/palihapitiyas-biggest-investment-climate-change-arclight-clean-transition-merge-proterra-2021-1">also announced it has a SPAC deal in the works</a> with Chamath Palihapitiya's ArcLight Transition Corp. last month. That deal valued the newly combined entity at $1.6 billion.Read more: <a href="https://www.businessinsider.com/best-stock-sectors-for-2021-economy-recovery-gdp-growth-boom-2021-2?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">A wealth management research chief shares 6 stock-market sectors to buy as the country reopens and the economy experiences its 'best single year of GDP growth since 2000'</a>

SPAC NextGen Acquisition jumps 40% after report of deal to take EV truck maker Xos public

<ul class="summary-list"><li>Satellite launch company <keyword id="11930349" type="UNKNOWN" weightage="60" keywordseo="virgin-orbit" source="Orion">Virgin Orbit</keyword> will go public through a $3.2 billion SPAC deal. </li><li>Virgin Orbit will be taken public through NextGen Acquisition Corp. II and aims to list on shares on Nasdaq. </li><li>Billionaire Richard Branson took his spaceflight company Virgin Galactic public via a SPAC in 2019. </li></ul>Richard Branson's <keyword id="11930352" type="UNKNOWN" weightage="60" keywordseo="virgin-orbit-satellite" source="Orion">Virgin Orbit satellite</keyword> launch company is going public through a special purpose acquisition company, or SPAC, marking another venture the billionaire entrepreneur is taking public through a blank-check firm.Virgin Orbit, which was spun off from Branson's space-tourism company <a href="https://markets.businessinsider.com/stocks/spce-stock">Virgin Galactic</a> in 2017, is expected to be listed on Nasdaq under the ticker symbol "VORB," according to a <a href="https://finance.yahoo.com/news/virgin-orbit-responsive-launch-space-110000852.html">statement released Monday</a>. The planned combination of Virgin Orbit through its parent company Vieco USA with NextGen Acquisition Corp. II puts ​​a $3.2 billion implied pro forma enterprise value on Virgin Orbit.Virgin Orbit <a href="https://www.businessinsider.com/virgin-orbit-rocket-nasa-space-branson-boeing-cosmic-girl-satellite-2021-1">in January launched its first rocket</a> to successfully reach Earth's orbit, eight months after a previous attempt failed. The rocket carried 10 small satellites for NASA. Virgin Orbit <a href="https://www.businessinsider.com/virgin-orbit-launcher-one-rocket-cosmic-girl-jet-2018-10">uses proprietary air-launch technology </a>rather than using a traditional launch pad. The transaction should raise $483 million for the combined company including $100 million in fundraising through a PIPE, or a private investment in public equity, that involves planemaker <a href="https://markets.businessinsider.com/stocks/ba-stock">Boeing</a> and AE Industrial Partners. NextGen Acquisition Corp. II is run by George Mattson, a former Goldman Sachs banker, and Greg Summe, a former senior executive at private equity firm Carlyle Group.In October 2019, Branson took Virgin Galactic public by merging with Social Capital Hedosophia, a SPAC run by billionaire investor Chamath Palihapitiya and British investor Ian Osborne. Branson in July <a href="https://www.businessinsider.com/virgin-galactic-rocket-plane-flies-richard-branson-crew-to-space-2021-7">flew to the edge of space</a> as a passenger on a Virgin Galactic rocket and the company is headed toward starting commercial tourist flights in 2022. In February, DNA testing startup <a href="https://markets.businessinsider.com/stocks/me-stock">23andMe</a> began trading following a merger with VG Acquisition, a SPAC sponsored by Branson's Virgin Group.

Richard Branson's Virgin Orbit to go public in SPAC merger valuing the satellite launch company at $3.2 billion

<ul class="summary-list"><li><keyword id="11895443" type="UNKNOWN" weightage="60" keywordseo="richard-branson" source="Orion">Richard Branson</keyword>'s Virgin Group is working on listing a <keyword id="11908250" type="UNKNOWN" weightage="60" keywordseo="spac" source="Orion">SPAC</keyword> in Amsterdam, <a href="https://news.sky.com/story/virgin-tycoon-branson-to-launch-first-spac-on-european-stock-exchange-12510872">Sky News reported Friday. </a></li><li>This would mark the first European SPAC for Branson who listed Virgin Galactic and Virgin Orbit in the US via blank-check firms. </li></ul>Richard Branson's Virgin Group is aiming to launch a special-purpose acquisition company in Europe, <a href="https://news.sky.com/story/virgin-tycoon-branson-to-launch-first-spac-on-european-stock-exchange-12510872">Sky News reported Friday</a>, a move that would mark the billionaire's first SPAC in that region and would add to his work with so-called blank-check companies. Virgin Group is working with bankers on detailed plans to list a new SPAC in Amsterdam. The vehicle could be introduced as early as the first quarter of this year, the report said, citing unnamed sources. One source said the SPAC would probably seek to raise an initial sum of around €200 million ($227 million) but final details haven't bee set. <a href="https://www.businessinsider.com/spac-blank-check-companies-explained-2020-5?utm_source=markets&amp;utm_medium=ingestgest">SPACs</a>, also called blank-check firms, go public with the goal to merge with or acquire a private company. The process is seen as less costly than launching a company through a traditional IPO. Sky News said the move may be interpreted as a snub to the London market. Virgin Group is based in the UK and British regulators have reformed listing rules to make it easier to pursue SPAC deals in the capital city. Branson already has experience with SPACs as he's brought two companies to the US stock market through such vehicles. Virgin Orbit shares began trading Thursday on Nasdaq after the space-satellite company went public through NextGen Acquisition Corp. II. His space tourism company <a href="https://markets.businessinsider.com/stocks/spce-stock">Virgin Galactic</a> went public in 2019 through venture capitalist Chamath Palihapitiya's Social Capital Hedosophia.Branson on Friday declined to confirm or deny the report about the pending European SPAC. "Not talking about it today. I love Amsterdam. I lived in a houseboat for a lot of my life. So maybe if I need a new houseboat maybe you'll see me in Amsterdam sometime soon," Branson said on CNBC during a remote interview. Branson was to take part in ringing the bell on Nasdaq on Friday in New York to mark the launch of Virgin Orbit but couldn't attend the ceremony after contracting COVID. "I'm feeling great," he told CNBC.

Richard Branson is reportedly working on his first European SPAC after launching 2 companies through blank-check firms in the US

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SPAC NextGen Acquisition jumps 40% after report of deal to take EV truck maker Xos public

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Richard Branson's Virgin Orbit to go public in SPAC merger valuing the satellite launch company at $3.2 billion

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Richard Branson is reportedly working on his first European SPAC after launching 2 companies through blank-check firms in the US

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