The acquisition of Forbes is being primarily funded by foreign investors, reports Sara Fischer of Axios.
Fischer reports, “The deal structure has the effect of obfuscating how much money foreign groups may put in, which could help alleviate any regulatory concerns.
- Forbes was ready to sell to the group of mostly foreign investors in March. But management feared regulatory pushback and pivoted, Axios previously reported.
- Forbes also faced public criticism over the involvement of Indian investment firm Sun Group, which has had ties to Russia.
“Driving the news: Forbes on Friday quietly confirmed that Austin Russell, the 28-year-old American CEO of electric vehicle tech company Luminar Technologies, will acquire an 82% stake in the iconic media brand at an $800 million valuation.
- But Forbes and Russell didn’t disclose how he would finance the roughly $656 million needed to foot his stake.”
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