Forbes to go public through $630 mln SPAC merger (updated)

Magnum Opus Acquisition

26/08/2021 14:00

(Adds PIPE, other details)
    Aug 26 (Reuters) - The publisher of the Forbes magazine,
Forbes Global Media Holdings Inc, will go public through a
merger with a blank-check acquisition firm in a deal that values
the combined entity at $630 million, the companies said on
Thursday.
    The deal with Magnum Opus Acquisition Ltd  OPA.N , which is
expected to fetch $600 million of proceeds for the business news
and information company, also includes a private investment in
public equity (PIPE) of $400 million.
    SPACs (special purpose acquisition companies) are shell
companies that raise funds in an initial public offering with
the aim of merging with a private company, which becomes public
as result. 
    In June, online media outlet BuzzFeed also agreed to go
public through a merger with a SPAC. 
    After the deal closes, Forbes will list on the New York
Stock Exchange under the ticker symbol "FRBS".

 (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh
Kuber)
 ((Niket.Nishant@thomsonreuters.com;))