VG Acquisition Corp. (VGAC.U) Prices Upsized $480M IPO

VG Acquisition Corp. announced the pricing of its upsized $480 million IPO this evening and the units are expected to begin trading on the NYSE under the symbol “VGAC.U” tomorrow, Friday, October 2nd.

The new company aims to combine with a target that can generate stable free cashflows and provide a consumer experience that is meaningfully differentiated. VG is led by CEO and Director Josh Bayliss and CFO and Director Evan Lovell.

Total SPAC deal count for 2020 year-to-date is now 122 with $45.9 billion in gross proceeds raised. This offering is expected to close on Tuesday, October 6.

Credit Suisse is acting as the sole book-running manager of the offering. Davis Polk & Wardwell LLP serves as Issuer’s Counsel with Latham & Watkins LLP serving as Underwriter’s Counsel. WithumSmith+Brown, PC serves as auditor. Continental Stock Transfer & Trust Company LLC is acting as trustee.