Forbes to go public through $630 million SPAC merger
Forbes Global Media Holdings will go public through a merger with blank-check firm Magnum Opus Acquisition, special purpose acquisition company (SPAC), the firms said. The combined company will have a pro forma equity value of $630 million. Forbes’ management team will remain in place after the deal, which is expected to close in 2021’s fourth quarter or 2022’s first quarter.
SAIL aiming to reduce net debt to ₹15,000-20,000 cr in FY22: Chairman
Steel Authority of India (SAIL) Chairman Soma Mondal said the firm is aiming at reducing its net debt from around ₹30,000 crore to a range of ₹15,000-20,000 crore in 2021-22. “We are aiming at reducing the debt drastically…depending on steel prices and demand situation,” she added. SAIL had decreased its net debt by ₹16,131 crore to ₹35,350 crore during FY21.
Picsart becomes unicorn after raising $130 million led by SoftBank
San Francisco-based Picsart, a popular photo and video editing app, has become a unicorn startup after raising $130 million in a round led by SoftBank Vision Fund 2. The company said that its valuation has surpassed $1 billion.
Apple CEO to receive shares worth $750 million this week
Apple’s Tim Cook will this week receive 10th and final tranche of the pay deal he received a decade ago when he took over as CEO. Cook is expected to get 5 million Apple shares worth roughly $750 million. The 60-year-old, who currently has a net worth of $1.5 billion, plans to give most of his fortune away.
Barclays Bank to infuse over ₹3,000 crore in India operations
Barclays Bank said it will infuse over ₹3,000 crore in India to boost its local growth. With this infusion, total invested capital in the country will increase to over ₹8,300 crore, it added. Barclays, which exited retail business in India in 2011, said investment will help grow its corporate and debt investment banking, as well as private clients’ businesses.