Genetic testing company 23andMe to go public via merger with Richard Branson's SPAC in $3.5 billion deal

Yahoo! Finance Feb 04, 2021 07:45 AM ET

23andMe, a consumer genetics company, is going public via a merger with Richard Branson's special purpose acquisition corporation (SPAC) VG Acquisition Corp. , in a deal with an enterprise value of about $3.5 billion, the companies said Thursday. SPACs,or blank-check companies, raise money in an initial public offering and then have two years to acquire a business or businesses. They have become a popular vehicle for IPOs during the pandemic. Once the deal has closed, the company will change its...