Forbes announces plan to go public via SPAC
- 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.
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.