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Forbes to Go Public in $630 Million SPAC Deal
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thewrap.comtweeted. Forbes’ transaction is expected to raise about $600 million in gross proceeds, which includes $200 million worth of cash coming from Magnus Opus’ trust account.
Another $400 million “of additional capital through a private placement of ordinary share of the combined company (“PIPE”) priced at $10 per share from funds and accounts managed by top-tier institutional investors” is included in the deal.
Thursday’s announcement comes during a period of deal-making in the media world. BuzzFeed in June shared its own plan to go public via SPAC, while Politico was sold on Thursday to German publishing giant Axel Springer in a deal worth about $1 billion.
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