London | British billionaire Richard Branson will sell $US485 million ($742 million) of stock in his US-listed space flight venture, Virgin Galactic, to raise cash for his ailing aviation and travel empire including Virgin Australia.
In a filing to the New York Stock Exchange on Monday (Tuesday AEST), Sir Richard issued a prospectus for the sale of 25 million shares, understood to be worth about 22 per cent of his roughly $US2.2 billion stake in Virgin Galactic.
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Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
