Last Updated 15 | 06 | 2014 at 14:00

Business & Technology

Google in negotiations to buy stake in Virgin space tourism

Article By: news

Google is currently negotiating to buy a stake in Virgin Galactic, Sir Richard Branson's space tourism business that would give it access to satellite launch technology, according to reports.

The deal, estimated to be worth £17.8m, has not yet been sealed, but negotiations are thought to be in their advanced stages.

Sky News reported that negotiations between the two companies have been going on for months and, according to anonymous sources, the talks are likely to lead to a deal with two main elements. These would include a multi-million deal between the two firms to use the technology created for space tourism and Google would own a small stake of around 1.5% of the whole company.

Virgin's space tourism business suffered from a number of problems, but it insists that it will be ready to launch later this year. This deal with Google could provide it with much needed credibility.

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