Davis Polk advised VG Acquisition Corp. on its $480 million initial public offering of 48,000,000 units. Each unit had an initial offering price of $10 and consists of one Class A ordinary share and one-third of one redeemable warrant. The units, the shares and the warrants are listed on the New York Stock Exchange. 

VG Acquisition Corp. was founded by Sir Richard Branson, the founder of the Virgin Group. The company is a special purpose acquisition company (SPAC) incorporated for the purpose of effecting an initial business combination, and intends to focus its search for business in one of the Virgin Group’s core sectors: travel & leisure, financial services, health & wellness, technology & internet-enabled, music & entertainment, media & mobile and renewable energy/resource efficiency.

The Davis Polk capital markets team included partners Derek Dostal and Deanna L. Kirkpatrick and associate Arisa Akashi. The corporate team included partners Lee Hochbaum and William H. Aaronson and associates Dane G. Ferre and Yushen Liu. Counsel Gregory D. Hughes provided executive compensation advice. The tax team included partner William A. Curran and associate Tomislava Dragicevic. Members of the Davis Polk team are based in the New York and Northern California offices.

 

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