That’s right Forbes, the long-standing media publication, announced Thursday it plans to go public via a merger with a publicly traded special purpose acquisition company.
The company, merging with magnum opus Acquisition, is predicted to be valued at an implied pro forma enterprise value of $630 million, net of tax benefits. The deal is predicted to close late within the the fourth quarter of this year or early in next year’s first quarter.
Forbes will trade on the new york exchange under the ticker symbol FRBS. The company’s existing management team will stay in situ under the leadership of CEO Mike Federle. The combined company will announce new board members at a later date, Forbes said.
Forbes said the move wil “further capitalize on its successful digital transformation, using technology and data-driven insights to make more deeply engaged audiences, and associated high-quality and recurring revenue streams.”
SPAC deals became an increasingly popular route to go public over the past year. Several digital publishers, including BuzzFeed, Bustle Digital Group, Vox Media and Vice Media, had held talks a couple of market debut via a SPAC