Noble Capital Markets has released a SPACtrac Report on Forbes Global Media Holdings, which is pursuing a merger with Magnum Opus Acquisition Limited.
The full report by Noble Capital Markets Senior Research Analyst Michael Kupinski, as well as news and advanced market data on Forbes is available on Channelchek.
Forbes said the deal with Magnum Opus is still expected to close in the first quarter.
As announced in August, the transaction values the combined company at an implied pro forma enterprise value of $630 million, net of tax benefits.
The transaction is expected to raise approximately $600 million of gross proceeds consisting of the approximately $200 million of cash held in Magnum Opus’ trust, assuming no redemptions, and $400 million of additional capital through a PIPE.
Assuming no redemptions, Forbes shareholders will own approximately 22% of the combined company at closing. Forbes will be capitalized with up to $145 million in cash. Read more.
