May 22, 2022

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Forbes agreed to go public on Wall Street through "SPAC"

Forbes agreed to go public on Wall Street through “SPAC”

Forbes will merge with Magnum Opus Acquisition Limited, a “spac” or “blank check” company with the goal of bringing to market and then buying another company and bringing it to the public. EFE / Justin Lin / Archive

New York, August 26 (EFE). – Forbes Global Media Holdings, the editor of the well-known economic magazine, announced Thursday that it has agreed to go public on Wall Street through “spac” (a special purpose acquisition company). estimated at $630 million.
Forbes merges with Magnum Opus Acquisition Limited, a “spac” or “blank check” company whose goal is to go public and then buy another company and offer it to the public, a formula that has recently gained popularity in the face of its IPO. .
In a statement, Forbes indicated that it expects to close the deal in late 2021 or early 2022 and get about $600 million thanks to Plumber’s liquidity.
Mike Federell, Forbes CEO, said that with his arrival on Wall Street, he hopes to raise the capital needed to “accelerate the growth” of the company, and implement its content and platform strategy to “unlock the potential” of the company.
The media group seeks to “maximize its brand and company values,” and uses its technology to convert readers into “long-term connected users” on its platform, including “memberships, recurring subscriptions to premium content, and product offerings. Very focused,” the company explained.
Federle will continue to lead the company and the current group of executives who have led its digital transformation to achieve “record business results,” but new independent members of the board will be appointed to contribute to diversity and inclusion, according to the memo.
The media group has an audience of 150 million people worldwide thanks to its journalistic work, with 45 local publications covering 76 countries, but also covering the real estate, education and financial services markets.

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