Fertitta Entertainment Inc, which is owned by billionaire Tilman Fertitta, has said that it has agreed to go public through a merger with a blank-check company, in a deal that values the combined entity at $6.6 billion.
The deal with FAST Acquisition Corp includes a $1.2 billion private investment from institutional shareholders, Fertitta Entertainment said.
It is the parent company of restaurant and gaming company Golden Nugget and restaurant chain operator Landry's. Landry's was taken public by hospitality magnate Fertitta in a $1.3 billion deal in 2008.
Fertitta will be the chief executive officer of the combined company and its largest shareholder, the company said.
A SPAC, or a blank-check firm, is a shell company that uses proceeds from an initial public offering (IPO) to take a private firm public.
FAST Acquisition raised $200 million in its IPO in August last year.
Jefferies is acting as the financial adviser to Fertitta, while Citigroup Global Markets is advising FAST Acquisition.
Hillman/Landcadia Merger
Last month, hardware supplier Hillman Group Inc agreed to merge with Landcadia Holdings III Inc, which is another SPAC backed by Tilman, at a valuation of $2.64 billion.
News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.
