- SPAC Magnum Opus Acquisition (NYSE:OPA) rose 1.5% in premarket trading after confirming a deal to take Forbes Media public.
- The transaction, which includes a $400M PIPE, values the combined company at an implied pro forma enterprise value of $630M, net of tax benefits, according to a statement. The deal is expected to raise about $600M of gross proceeds.
- The deal is expected to close in late Q4 or early 1Q of next year. Forbes will list on the NYSE under the ticker "FRBS."
- Assuming no redemptions by the public shareholders of Magnum Opus (OPA), Forbes shareholders will own approximately 22% of the combined company at closing. Forbes will be capitalized with up to $145M in cash.
- News of a potential deal was first reported by Bloomberg last week.
- In late April, Reuters reported that Forbes Media was reportedly weighing SPAC deal or M&A sale at about a $700M valuation.
- Last week, the WSJ reported that Axel Springer (OTC:AXELF) is seeking to buy a stake in Politico. Late last month the New York Times reported that Vox Media is said to be consider several SPAC deal offers.
- Late June, BuzzFeed confirms deal to go public via SPAC at $1.5B valuation.
Forbes Media confirms deal to go public through SPAC Magnum Opus Acquisition
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