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Google in talks to acquire Virgin Galactic stake - report

2014-06-12 22:52:00| Telecompaper Headlines

(Telecompaper) Google is in talks to acquire a stake in Sir Richard Branson's space tourism venture Virgin Galactic, Sky News has learned. This would give Google access to satellite-launch technology as it looks to extend internet access to people worldwide using a network of low-Earth orbit satellites. According to insiders, the talks are at an advanced stage and will likely result in a deal with two main elements. The first will see Google invest hundreds of millions of dollars into a JV, with Virgin Galactic folding in the technology it has developed. The second part would see Google invest around USD 30 million for small stake in the Virgin Galactic holding company. Google and Virgin Galactic both declined to comment on the report.

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