According to reports, Forbes Media (Forbes Global Media Holdings), a long-established US business news and information publisher, announced today that it plans to go public through a merger with a "special purpose acquisition company" (APAC).
Forbes said it would merge with Magnum Opus. After deducting tax breaks, the deal is worth about $630 million (enterprise value). The deal is expected to close at the end of the fourth quarter of this year or the beginning of the first quarter of next year.
After the transaction is completed, Forbes will trade on the New York Stock Exchange under the symbol "F".RBS". The company's existing management team will remain, including CEO Mike Federer (Mike Federle). Forbes said the combined company will announce new board members at a later date.
Forbes said the move would "further take advantage of its successful digital transformation, leveraging technological and data-driven insights to create a more deeply engaged audience, as well as associated high-quality and recurring revenue streams."
Over the past year, SPAC trading has become an increasingly popular way to go public, with several digital publishers, including BuzzFeed, Bustle Digital Group, Vox Media and InnoMedia, negotiating an SPAC listing.