Forbes has agreed to go public via a merger with a special purpose acquisition company that values the US business news outlet at $630m, making it the latest in a string of eye-catching deals in the media industry.
News of the deal came as Axel Springer, the German publishing group backed by private equity firm KKR, struck a deal to buy Politico as it continues an expansion into US media.
Axel Springer and Politico did not disclose the terms of the transaction but two people familiar with the deal said it valued the political news service at more than $1bn. The Forbes agreement with Magnum Opus Acquisition, backed by the private investment firm L2 Capital, will mean the US business publication will receive $600m, including cash raised by the Spac as well as commitments from other investors.
Read more/Source: FT
