Forbes Plans to go Public in SPAC Merger

Forbes Global Media Holdings Inc. plans for a public trading debut by merging with blank-check company Magnum Opus Acquisition Limited (NYSE: OPA). The two companies announced that they had entered into a definitive business agreement.

Merger Details

The merger between Forbes and Magnum Opus will value the combined company at $630 million. This value will be net of tax benefits. Both companies' boards of directors have approved of the transaction announced on 26 August. However, Forbes and Magnum Opus expect the transaction to close either late in Q4 2021 or early Q1 2022. Upon closing, Forbes will trade on the New York Stock Exchange under the ticker symbol FRBS.

Both companies expect the deal to raise about $600 million of gross proceeds. These proceeds consist of about $200 ...

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