Billionaire Fertitta expands SPAC deal to add restaurants, hospitality group
Reuters
Published Jun 30, 2021 11:23PM ET
(Reuters) - Fertitta Entertainment Inc, owned by billionaire Tilman Fertitta, said on Wednesday it has expanded its agreement to go public with blank-check company FAST Acquisition Corp to include a few hospitality and restaurant entities.
Steakhouse chain Vic and Anthony's, restaurant chains Catch and Mastro's, hospitality group Pleasure Pier, and a handful of smaller restaurant concepts will be added to the merger deal, the company said.
"According to the amendment, the company has agreed to contribute certain operating businesses not originally included as part of the business combination with FAST for no additional debt," the company said in a statement.
The expanded deal implies an enterprise value of $8.6 billion for restaurant and gaming company Golden Nugget and restaurant-chain operator Landry's, its parent Fertitta Entertainment said. The agreement announced in February had valued the combined entity at $6.6 billion.
Fertitta, who also owns basketball team Houston Rockets, will be the chairman, president and chief executive officer of the merged entity. He will own about 72% stake.
The company also said it expects pro forma net revenue for the quarter ended June 30 to be between $917 million and $920 million, and pro forma adjusted EBITDA estimated between $270 million and $275 million.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.