AXELF - Forbes Media confirms deal to go public through SPAC Magnus Opus Acquisition

SPAC Magnus 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

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Forbes Media confirms deal to go public through SPAC Magnus Opus Acquisition