Luminar CEO’s Deal to Acquire Forbes is Called Off

Forbes’ parent company has called off its acquisition by Luminar Technologies CEO Austin Russell, as the billionaire could not come up with the financing, an internal Forbes memo seen by Reuters on Tuesday showed.

Earlier this year, the automotive technology executive had agreed to acquire 82% of Forbes in a deal valuing the business news publisher at nearly $800 million, including the remaining portion of the company owned by the Forbes family.

Forbes Media CEO Mike Federle told staff the cancellation will not affect day-to-day operations and that the company will continue to “consider other opportunities,” said the memo, which was first reported by The Information.

Read the source article at Yahoo Finance