Boeing to invest in Virgin Galactic
Posted: Sat, Oct 12, 2019, 8:06 PM ET (0006 GMT)
Boeing announced Tuesday it will make a small but strategic investment in Virgin Galactic. Boeing HorizonX Ventures will invest $20 million in Virgin Galactic once its merger with special-purpose acquisition company Social Capital Hedosophia closes later this quarter. The companies said in a statement that they will "work together to broaden commercial space access and transform global travel technologies," but offered few specifics about those plans. Both companies have expressed an interest in high-speed passenger transportation, with Virgin noting in investor presentations it sees "supersonic and hypersonic vehicles that drastically reduce travel time for point-to-point travel" as one long-term opportunity for the company.
Boeing announced Tuesday it will make a small but strategic investment in Virgin Galactic. Boeing HorizonX Ventures will invest $20 million in Virgin Galactic once its merger with special-purpose acquisition company Social Capital Hedosophia closes later this quarter. The companies said in a statement that they will "work together to broaden commercial space access and transform global travel technologies," but offered few specifics about those plans. Both companies have expressed an interest in high-speed passenger transportation, with Virgin noting in investor presentations it sees "supersonic and hypersonic vehicles that drastically reduce travel time for point-to-point travel" as one long-term opportunity for the company.
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