Billionaire Fertitta expands SPAC deal to add restaurants, hospitality group
11:23 pm Wednesday, June 30th, 2021
(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.
(Reporting by Aakriti Bhalla in Bengaluru; editing by Uttaresh.V)
