Forbes Merges With SPAC As Axel Springer Acquires Politico
Forbes has agreed to go public in a merger with a special-purpose acquisition company that values US business news for $ 630 million, making it the latest in a series of eye-catching deals in the media industry.
The deal began when Axel Springer, a German publishing group backed by private equity firm KKR, signed an agreement to acquire Politico, which continues to expand into the US media.
Axel Springer and Politico didn’t disclose the terms of the deal, but two people familiar with the deal said the political news service valued more than $ 1 billion.
The Forbes agreement with the acquisition of Magnum Opus, backed by private investment firm L2 Capital, means Forbes will receive $ 600 million, including cash raised by Spack and commitments from other investors.
