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(Reuters) – Fertitta Entertainment Inc, owned by billionaire Tilman Fertitta, said Monday it has agreed to go public with a merger with a blank check company, in a deal that values the combined entity at $ 6.6 billion of dollars.
The agreement with FAST Acquisition Corp includes a private investment of $ 1.2 billion from institutional shareholders, Fertitta Entertainment said.
It is the parent company of restaurant and gaming company Golden Nugget and the operator of the Landry’s restaurant chain. Landry’s was made public by hotel mogul Fertitta in a $ 1.3 billion deal in 2008.
Fertitta would be the CEO of the merged company and its largest shareholder, the company said.
A SPAC, or blank check company, is a shell company that uses the proceeds of an initial public offering to go public with a private company.
This is the fourth SPAC deal announced on Monday, with private jet charter company Wheels Up, data auto company Otonomo and mobile game developer Nexters Global earlier announcing deals with blank check companies.
FAST Acquisition raised $ 200 million when it went public in August last year.
Jefferies acts as financial advisor to Fertitta, while Citigroup Global Markets advises FAST Acquisition.
Last month, hardware supplier Hillman Group Inc agreed to merge with Landcadia Holdings III Inc, another Tilman-backed PSPC, for a valuation of $ 2.64 billion.
Report by Niket Nishant in Bengaluru; Edited by Shinjini Ganguli
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