Forbes eyes up a sale after Spac IPO snubFILE PHOTO: The logo of Forbes magazine is seen on a board in 2017Forbes has said it is exploring a sale just months after it pulled out of its special purpose acquisition company (SPAC) plans. The media titan confirmed the news with City A.M. this evening that it had hired Citigroup to manage the formal sale process. It is not yet clear the exact timelines nor the price of the sale, but the New York Times, which first reported the news, suggested it would be at least $630m. The US firm u-turned on its $630m Hong Kong listing, citing “the deteriorating Spac market” as the main driver. “There were many interested parties, so we moved forward with a formal sale process and Citigroup was hired to manage this process,” a Forbes spokesperson said in an emailed response.

Source: Forbes August 02, 2022 21:25 UTC