Forbes agrees to go public on Wall Street through a spac

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New York, Aug 26 (EFE) .- The company Forbes Global Media Holdings, editor of the well-known economic magazine, announced this Thursday that it has agreed to go public on Wall Street through a “spac” (special purpose acquisition company) that values ​​it at $ 630 million.

Forbes to merge with Magnum Opus Acquisition Limited, a “spac” or “blank check” company whose goal is to go public and then buy another company and take it public, a formula that has recently gained popularity in the face of going public. traditional.

In a statement, Forbes indicated that it expects to close the transaction in late 2021 or early 2022 and obtain about 600 million dollars thanks to the liquidity of the “spac”.

Mike Federle, the CEO of Forbes, said that with his arrival on Wall Street he hopes to raise the necessary capital “to accelerate the growth” of the company, “executing its content and strategy of differentiated platforms” to unleash the “potential” of the company. Mark.

The media group seeks to “maximize its brand and company values,” and use its technology to convert readers into “long-term, connected users” on its platform, including “recurring memberships and subscriptions to premium content and product offerings. highly focused, “the firm 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 will be appointed to the board of directors to contribute to diversity and inclusion, according to the note .

The media group has an audience of 150 million people around the world thanks to its journalistic business, with 45 local editions covering 76 countries, but also covering the real estate, education and financial services market.

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