Billionaire Fertitta expands SPAC deal to add restaurants and hotel group

Tilman J. Fertitta speaks during a panel for the TV series “Billion Dollar Buyer” at the NBCUniversal Summer Press Day in Westlake Village, Calif. On April 1, 2016. REUTERS / Mario Anzuoni / Files

June 30 (Reuters) – Fertitta Entertainment Inc, owned by billionaire Tilman Fertitta, said on Wednesday it had broadened its go-public deal with blank check company FAST Acquisition Corp (FST.N) to include a few hotel and restaurant entities .

Steakhouse chain Vic and Anthony’s, restaurant chains Catch and Mastro’s, hotel 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 bring in certain operational activities not originally included as part of the business combination with FAST without any additional debt,” the company said in a statement.

The expanded deal involves $ 8.6 billion in enterprise value for restaurant and gaming company Golden Nugget (GNOG.O) and restaurant chain operator Landry’s, its parent company Fertitta Entertainment said. . The deal announced in February valued the combined entity at $ 6.6 billion.

Fertitta, who also owns the Houston Rockets basketball team, will be the chairman and CEO of the merged entity. He will hold around 72% of the capital.

The company also said it expects pro forma net sales for the quarter ended June 30 to be between $ 917 million and $ 920 million, and estimated pro forma adjusted EBITDA of between $ 270 and 275 million. millions of dollars.

Reporting by Aakriti Bhalla in Bengaluru; edited by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.


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