The deal is expected to raise $600 million, including $200 million cash from Magnum Opus and $400 million through a private placement of the new company's shares, according to the company's news release.
After the deal, Forbes shareholders will own 22% of the new company. Forbes has a profit of $145 million.
Forbes CEO Mike Federle said that with the transition into a publicly traded company, Forbes will have the capital to accelerate growth by executing its differentiated content and platform strategy.
Under the FRBS symbol, Forbes will trade on the New York Stock Exchange.
Forbes says its brand reaches more than 150 million people worldwide and includes 45 licensed local editions covering 76 countries. Forbes is one of the 50 most visited websites on the internet.
Cramer says that AMAT is 'Buyable. SPACs, or blank-check companies, are formed for the express purpose of finding and merging with an operating partner. The idea is to speed up the operating company's approach to public markets and avoid the lengthy process of a traditional initial public offering.
The total proceeds of 416 SPAC IPOs have been $121.8 billion, according to the SPAC Track. The tech industry has been the most active in the SPAC space, with 228 announced SPAC targets leading to 59 definitive agreements.
The media telecom industry has been the least active with five definitive agreements reached in 2021.
At last check, the shares of Magnum Opus were up 0.9% to $9.84.
For ongoing tracking, analytics, and data on SPACs, check out Boardroom Alpha. Boardroom Alpha has a service called SPAC Data and Analytics.