OSHKOSH (WKOW) -- Tuesday at the EAA AirVenture show in Oshkosh, Wisconsin, billionaire mogul Richard Branson signed a deal with Aabar Investments out of Abu Dhabi to hand over partial equity of Virgin Galactic.
Under the new deal, Aabar will invest approximately $280 million in exchange for a 32 percent stake in Virgin's holding company, which until now has been wholly owned and funded by Branson's Virgin Group.
Aabar also pledged to commit $100 million to fund a small satellite launch capability, and will gain exclusive regional rights to host Virgin Galactic tourism and scientific research space flights.
OSHKOSH (WKOW) -- Billionaire and aviation enthusiast Richard Branson says he plans to make a "huge" announcement at Oshkosh's EAA AirVenture Tuesday.
The Virgin Group Chairman landed in Wisconsin Monday and is spending much of the week at the air show. Branson brought his WhiteKnightTwo to the festival: it's a plane that will launch a spaceship from the upper atmosphere into space, for about $200,000 a ticket.
So far, Branson is not giving any hints about what's happening but says it could involve millions of dollars.