Macfarlanes advises Virgin on $480m SPAC

11 November 2020

Macfarlanes has provided tax advice to long-standing client Virgin for its $480m blank cheque fundraising.

Virgin's special purpose acquisition vehicle, or SPAC, has raised funds via an initial public offering on the New York Stock Exchange, with the purpose of identifying and acquiring a target business over the next two years.

Macfarlanes advised on the co-investment by Virgin executives in the founder shares and warrants issued by the SPAC.

The Macfarlanes team for this matter was led by tax and reward partners Damien Crossley and Rob Collard, with assistance from senior solicitor Alex Ereira and senior valuation adviser Janice Luo.