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Technology Stocks : Blank Check IPOs (SPACS)

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To: Glenn Petersen who wrote (3138)2/1/2021 5:19:01 PM
From: Triffin1 Recommendation

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FST .. Golden Nugget/Landry's deal announcement

Tilman Fertitta Takes Golden Nugget and Landry's Public In $6.6 Billion SPAC Merger
Billion investor Tilman Fertitta will return his Golden Nugget casino and Landry's restaurant chain businesses back to the public markets in a $6.6 billion deal with Fast Acquisition Corp.

Billionaire investor Tilman Fertitta, owner of the Houston Rockets basketball team, said Monday that he will take both the Golden Nugget Casino and the Landry's restaurant chain public in a $6.6 billion deal with a so-called special acquisition company.

FAST Acquisition Corp. ( FST) , said it will merge with Fertitta Entertainment in a deal that gives Fertitta a 60% controlling interest in the group, for which he will remain chairman, president and chief executive officer, that will be valued at $6.6 billion. The Houston Rockets, purchased by Fertitta for $2.2 billion in 2017, were not part of the FAST Acquisition merger.

"I look forward to returning my Company to the public marketplace. After taking the Company private in 2010, we accomplished a lot. However, in today's opportunistic world, I determined that in order to maximize the opportunities in the gaming, entertainment and hospitality sectors, it was preferable to take my Company public" Fertitta said.

"After I compared the opportunities provided by a transaction with FAST, versus the traditional IPO route, it became abundantly clear that we could access the capital markets with more certainty and speed if we did a deal with FAST," he added. "Working with Doug (Jacob) and Sandy (Beall) has been a pleasure, and I truly appreciate their time and contribution to this process. At the end of the day, the decision to do a deal with FAST was a no-brainer."

Fast Acquisition shares were marked 31.1% higher in pre-market trading to indicate an opening bell price of $13.90 each.

Special acquisition companies, better known as SPACs, have dominated the IPO market this year, completing some $26 billion in share sales last month. From previous deals completed last year, around 90 new companies have started trading in 2021, with scores more of the so-called 'blank check' entities having already filed for public listings.

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