6

Forbes announces plan to go public via SPAC

 3 years ago
source link: https://www.cnbc.com/2021/08/26/forbes-announces-plan-to-go-public-via-spac.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
neoserver,ios ssh client
Tech

Forbes announces plan to go public via SPAC

Published Thu, Aug 26 20218:59 AM EDTUpdated Fri, Aug 27 202110:46 AM EDT
Key Points
  • Forbes, a long-standing media publication, announced Thursday it plans to go public via a merger with a publicly traded special purpose acquisition company. 
  • The company will merge with Magnum Opus Acquisition.

In this article

The Forbes Magazine stand is pictured at the 24th St Petersburg International Economic Forum.
Alexander Demianchuk | TASS | Getty Images

Forbes, a long-standing media publication, announced Thursday it plans to go public via a merger with a publicly traded special purpose acquisition company. 

The company, merging with Magnum Opus Acquisition, is expected to be valued at an implied pro forma enterprise value of $630 million, net of tax benefits. The deal is expected to close late in the the fourth quarter of this year or early in next year’s first quarter.

Forbes will trade on the New York Stock Exchange under the ticker symbol FRBS. The company’s existing management team will stay in place under the leadership of CEO Mike Federle. The combined company will announce new board members at a later date, Forbes said.

Forbes said the move will “further capitalize on its successful digital transformation, using technology and data-driven insights to create more deeply engaged audiences, and associated high-quality and recurring revenue streams.”

SPAC deals have become an increasingly popular route to go public over the past year. Several digital publishers, including BuzzFeed, Bustle Digital Group, Vox Media and Vice Media, had held talks about a market debut via a SPAC, CNBC previously reported.

Subscribe to CNBC on YouTube.

VIDEO07:39
SPAC scrutiny intensifies as companies push to close deals

About Joyk


Aggregate valuable and interesting links.
Joyk means Joy of geeK