UAE’s Aabar raises stake in Virgin Galactic to 37.8%

19 Oct 2011

(MENAFN) Aabar Investments said that it increased its stake in Virgin Galactic in July from 31.8 percent to 37.8 percent through investing further USD110 million, reported Gulf News.

The company added that two years ago, Aabar and Virgin Group inked strategic partnership deal under which the UAE company would pay USD280 million for a 31.8 percent stake in Virgin Galactic’s holding company.

It also said that the acquisition, which was completed last year, valued the business at around USD900 million.

It is worth noting that Aabar is owned by Abu Dhabi’s International Petroleum Investment Co (Ipic), whereas Virgin Galactic is Virgin Group’s commercial space line.

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