Forbes Media in talks to go public via SPAC merger
Forbes is in talks with the Hong Kong-based SPAC, Magnum Opus Acquisition that is sponsored by a private investment firm L2 Capital, reported Bloomberg. The deal would value the company at over $650 million. However, in May, there were reports that Forbes has entered into talks to be acquired by a group led by Michael Moe’s GSV Asset Management. That deal was expected to value the company at more than $600 million.
In 2014, Hong Kong-based Integrated Whale Media Investments acquired a majority stake in Forbes in a deal that valued the news publisher at $475m. Its Boston-based founding family retained a minority stake of only 5 per cent following that transaction.
Magnum Opus raised $200m in an initial public offering in March. It said it aims to look for global consumer, technology or media firms “with disruptive growth potential through the use of technology that can benefit from operations in Asia”.Read more