Austin Russell, the CEO of electric vehicle technology company Luminar Technologies, has acquired an 82% stake in Forbes, reports Sara Fischer of Axios.
Fischer reports, “In a statement, Forbes confirmed that Russell had acquired an 82% majority stake in the firm.
- “A source said that the transaction valued the company at $800 million, which is what the consortium group of investors had been targeting as a valuation for months.
“Yes, but: The statement doesn’t include details about how Russell financed the deal.
- Sources told Axios that the firms that were interested in buying Forbes as a part of the original consortium bid, including Sun Group and GSV Ventures, a Silicon Valley-based investment group, are likely still involved in the deal.
- Bringing Russell in as majority stakeholder will help alleviate regulatory concerns about Sun Group’s involvement as well as the involvement of other overseas investors.”
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