Beachbody to go public via 3-way merger with Forest Road SPAC and Myx Fitness – MarketWatch

The Beachbody Co. announced a three-way merger agreement with special purpose acquisition company (SPAC) Forest Road Acquisition Corp. FRX, +2.83% and at-home connected fitness company Myx Fitness Holdings LLC, that will take the digital fitness streaming and nutrition company public. The deal values the combined companies at $2.9 billion, and is expected to add more than $420 million in cash to the balance sheet. After the deal closes, which is expected to occur in the second quarter of 2021, The Beachbody Co. will be the parent company, and the stock will be listed on the NYSE under the ticker symbol “BODY.” Beachbody Chief Executive Carl Daikeler and co-Founder Jon Congdon will lead the company. Forest Road’s stock soared 21.8% in premarket trading, while futures ES00, +0.07% for the S&P 500 SPX, +0.17% gained 0.4%.