Shares of VG Acquisition Corp. (VGAC), a special purpose acquisition company sponsored by Virgin Group, are gaining almost 11 percent or $1.47 in Thursday's morning trade at $14.94.
Thursday, Sunnyvale, California-based consumer genetics and research company 23andMe, Inc., and VG Acquisition said they have agreed to merge through a combination of stock and cash financing. The business combination values 23andMe at an enterprise value of about $3.5 billion.
The transaction is expected to be completed in the second calendar quarter of 2021. Upon completion of the transaction, VG Acquisition will change its New York Stock Exchange or NYSE ticker symbol, and the combined company's securities will trade under the ticker symbol "ME".
VG Acquisition has traded in a range of $9.65 to $16.16 in the past 52 weeks.
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