A blank-check company backed by British billionaire Richard Branson’s Virgin Group is merging with natural-consumer-products seller Grove Collaborative Inc. to take it public in a deal the companies value at $1.5 billion.
The San Francisco startup is combining with the special-purpose-acquisition company Virgin Group Acquisition Corp. II and plans to use the cash from the deal for eco-friendly home and personal-care innovation, retail expansion and customer growth.
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