VG Acquisition’s $480 Million Initial Public Offering

Davis Polk advised VG Acquisition Corp., while Latham & Watkins LLP represented the underwriter in the offering.

VG Acquisition Corp. has announced that it priced its initial public offering of 48,000,000 units at US$10.00 per unit. The units will be listed on the New York Stock Exchange (NYSE) and trade under the ticker symbol VGAC.U. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of US$11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on NYSE under the symbols VGAC and VGAC WS, respectively.

Credit Suisse acted as the sole book-running manager of the offering.

VG Acquisition Corp. was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on businesses that operate 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.

Latham & Watkins LLP represented the underwriter in the offering with a capital markets team led by New York partner Michael Benjamin (Picture) and Washington, D.C. partner Shagufa Hossain, with Houston associates Om Pandya, Sarah Dunn and Joseph Kmetz. Advice was also provide on tax matters by Washington, D.C. partner Andrea Ramezan-Jackson, with Washington, D.C. associate Eli McCrain.

Davis Polk advised VG Acquisition with a 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.

Involved fees earner: William Aaronson – Davis Polk & Wardwell; Arisa Akashi – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Derek Dostal – Davis Polk & Wardwell; Tomislava Dragicevic – Davis Polk & Wardwell; Dane Ferré – Davis Polk & Wardwell; Lee Hochbaum – Davis Polk & Wardwell; Gregory Hughes – Davis Polk & Wardwell; Deanna Kirkpatrick – Davis Polk & Wardwell; Yushen Liu – Davis Polk & Wardwell; Michael Benjamin – Latham & Watkins; Sarah Dunn – Latham & Watkins; Shagufa Hossain – Latham & Watkins; Joseph Kmetz – Latham & Watkins; Eli McCrain – Latham & Watkins; Om Pandya – Latham & Watkins; Andrea Ramezan-Jackson – Latham & Watkins;

Law Firms: Davis Polk & Wardwell; Latham & Watkins;

Clients: Credit Suisse; VG Acquisition Corp.;

Author: Ambrogio Visconti