Forbes to go public through merger with another company

Forbes to go public through merger with another company

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Forbes Global Media Holdings Inc. and Magnum Opus Acquisition Limited, a publicly-traded special purpose acquisition company, have announced that they have entered into a definitive business combination agreement, Report informs referring to Forbes website.

The transaction is expected to close in late fourth quarter 2021 or early first quarter 2022 and will enable Forbes to 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.

The transaction values the combined company at an implied pro forma enterprise value of $630 million, net of tax benefits. The transaction has been approved by the boards of directors of both Forbes and Magnum Opus.

The transaction is expected to raise approximately $600 million of gross proceeds consisting of the contribution of approximately $200 million of cash held in Magnum Opus’ trust account, assuming no redemptions by the public shareholders of Magnum Opus, and $400 million of additional capital through a private placement of ordinary shares of the combined company (“PIPE”) priced at $10.00 per share from funds and accounts managed by top-tier institutional investors.

The combined company will continue to be led by the current management team and will retain the Forbes name. Upon the closing of the transaction, Forbes will list on the New York Stock Exchange under the ticker symbol “FRBS.”

“Forbes’ existing management team of industry veterans, all of whom have been instrumental in Forbes’ digital transformation and recent record business results, will continue to manage the combined company upon completion of the transaction under the leadership of Chief Executive Officer Mike Federle,” reads the message.

The Forbes brand today reaches more than 150 million people worldwide through its trusted journalism, signature LIVE events, custom marketing programs, and 45 licensed local editions covering 76 countries.



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