The publisher of Forbes magazine will go public through a merger with a blank-check firm in a deal that values the combined entity at $630 million, the companies said on Thursday, the latest example of media companies catching the boom of special purpose acquisition companies (SPACs).
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 wil “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.”
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
