Today’s top business news includes a ₹2 billion fine imposed by India’s competition regulator on India’s biggest carmaker Maruti Suzuki for anti-competitive practices related to dealer discounts, and the halting of over 40 IPOs by China amid a regulatory probe. Separately, Bitcoin jumped above $50,000 for the first time since May, while equity index Sensex ended 226 points higher.
Branson’s Virgin Orbit to list through SPAC merger at $3.2 billion valuation
Virgin Orbit, the satellite launch service part of billionaire Richard Branson’s conglomerate, said on Monday it is going public through a merger through an SPAC vehicle, in a deal that values it at $3.2 billion, Reuters reported.
The deal with NextGen Acquisition Corp II also includes a private investment in public equity of hundred million dollars from parties such as Boeing Co and AE Industrial Partners.