Latham Advises Virgin Galactic in Merger with Social Capital Hedosophia

Transaction establishes the world’s first and only publicly traded commercial human spaceflight company.

July 09, 2019

Virgin Galactic (“VG”) and Social Capital Hedosophia (“SCH”) (NYSE: IPOA), a public investment vehicle sponsored by Social Capital and Hedosophia, announced that the boards of directors of each company have approved a definitive agreement under with VG and SCH will merge. Upon closing of the transaction, which is expected in the second half of 2019, VG will be introduced as the first and only publicly traded commercial human spaceflight company. The merged company will have an anticipated initial enterprise value of $1.5 billion.  

Latham & Watkins LLP represents VG and Virgin Group in the transaction with a corporate deal team led by New York partner Justin Hamill, Silicon Valley/New York partner Josh Dubofsky, and Orange County/New York partner Charles Ruck, with associates Daniel Breslin, Nima Movahedi, Matthew Bedrossian, Daniel Weissman, Shannon Cheng, Gregory Van Buiten, and Andria Varnavides. Advice was also provided by Silicon Valley partner Anthony Klein, with associates Morgan Brubaker and Brian Umanoff on technology transactions matters; by Orange County partner Shayne Kennedy, with associate Drew Capurro on capital markets matters; by Los Angeles partner Michelle Carpenter on benefits and compensation matters; by Century City partner Pardis Zomorodi and New York partner Lisa Watts, with associates Kathryn Harrington and Janet Hsu on tax matters; by Orange County partner Chris Norton on environmental matters; and by Washington, D.C. partner Les Carnegie, with associate Dean Baxtresser on regulatory matters.


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