Business information brand Forbes to go public via $630m SPAC deal

Business information brand Forbes Global Media Holdings has agreed to merge with blank check company Magnum Opus Acquisition Limited in a deal that values the combined entity at $630 million.

The merger will enable Forbes Global Media to become a publicly listed company. It will be listed on the New York Stock Exchange under the “FRBS” ticker symbol.

Currently, the Forbes business information brand is said to reach over 150 million people around the world. It has 45 licensed local editions that cover 76 countries.

The brand extensions of Forbes include education, real estate, and financial services license agreements.

Mike Federle — CEO of Forbes Global Media said: “Leveraging our iconic global brand, Forbes has been executing a data-led platform strategy and is fast becoming the gateway for businesses, entrepreneurs and consumers to join the conversations and participate in the trends that are shaping the world today.

“With this transition into a publicly-traded company, Forbes will have the capital to accelerate growth by executing its differentiated content and platform strategy and fully realize the potential of our iconic brand.”

Business information brand Forbes to go public via $630m SPAC deal. Photo courtesy of Free-Photos from Pixabay.

The deal will give Forbes Global Media gross proceeds of nearly $600 million, which will be made up of around $200 million of cash held in the trust account of Magnum Opus and $400 million via a private placement of ordinary shares of the combined company (PIPE).

Funds and accounts managed by top-tier institutional investors are taking part in the PIPE.

Forbes Global Media will use the funds to further take advantage of its digital transformation by using technology and data-driven insights for creating more deeply engaged audiences, and drive recurring revenue streams.

Jonathan Lin — Chairman and CEO of Magnum Opus said: “Forbes has expansive reach and is successfully broadening and deepening engagement through data-informed content curation that delivers what each Forbes user cares most about.

“The strategy fits perfectly with Magnum Opus’ strategy to support enterprises leveraging digitalization to craft more tailored user experiences, and big data analytics to create a positive feedback loop and multiple touchpoints with consumers.”

The deal, which is subject to the approval of Magnum Opus’ shareholders and other customary closing conditions, is anticipated to close in late Q4 2021 or early Q1 2022.