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Virgin Galactic Seeks Investor
Virgin Galactic, the space travel company founded by Sir Richard Branson, is struggling to find an investor. Credit Suisse says Branson’s “greenfield” project faces big challenges in finding an investor given the current economic climate and uncertainty about the project. Credit Suisse is the investment advisor that to Virgin Galactic for its $280 million dollar with Aabar Investments in Abu Dhabi last month.
Jeffrey Culpepper a Credit Suisse executive, explained “There tends to be skepticism about space travel”, but “Credit Suisse has a long history with Virgin and once we assessed the strength of the economics, we were determined the project is achievable.” Mr. Culpepper is head of the investment banking department at Credit Suisse MENA (Middle East and North Africa). Last month Aabar purchased a 32% share of Virgin Galactic valued at $280 million. They valued the space tourism company at $900 million. Aabar plans to build a spaceport in Abu Dhabi which will house a university academy where students can study space.
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