Forbes terminates $630 mln SPAC deal (updated)

Magnum Opus Acquisition

01/06/2022 13:48

(Adds CEO statement)
    June 1 (Reuters) - Forbes said on Wednesday it had
terminated its $630 million deal with special purpose
acquisition company (SPAC) Magnum Opus Acquisition Ltd  OPA.N ,
amid a downturn in sentiment for blank-check deals and as
regulatory scrutiny of SPACs tightens.
    Chief Executive Officer Mike Federle said Forbes' digital
transformation has delivered double-digit growth in revenue and
earnings before interest, taxes, depreciation and amortization
over the past year, which "significantly outperformed the
financial targets provided at the start of the SPAC transaction
last year".
    The company last year announced plans to merge with Hong
Kong-based Magnum Opus SPAC.

 (Reporting by Niket Nishant in Bengaluru; Editing by Shounak
Dasgupta and Vinay Dwivedi)
 ((Niket.Nishant@thomsonreuters.com))