Forbes is thinking about selling its company and is enlisting Citigroup to handle the transaction

A few months ago, the business declined to IPO and instead chose to go public through a SPAC (special purpose acquisition company), which is a technically developed firm formed to combine with another.

As a result, Jonathan Lin, the CEO of SPAC Magnum Opus and a former executive of Point72, was the target of a $630 million termination attempt by Forbes in June. After some time, Forbes decided to sell the company after observing a strong level of interest in themselves.

The sale’s conditions and the projected price of the deal weren’t disclosed. A proposal paper outlining Forbes’ financial performance has recently been distributed to media organizations, including Yahoo. It found discovered that Citi alone was the document’s creator.

In 2021, Forbes made more than $200 million in sales, of which $40 million was net profits, according to the records.

SPAC deals were one of the most common investment trends during the pandemic, but the Securities and Exchange Commission became aware of them due to the rapid increase in transactions, which necessitated compliance with new rules and the provision of additional information from the participants in the transaction, which was unfavourable to all