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SND: Tilman Fertitta to Take Restaurant Empire Public
The owner of Landry s and Golden Nugget hopes to use new capital to acquire new restaurant brands as the economy begins to recover Tilman Fertitta believes the current economic downtown in restaurants will provide opportunities for expansion. (Julie Soefer) By Feb 2, 2021
Hospitality titan Tilman Fertitta has announced a deal to take his Fertitta Entertainment Inc. company public via a merger with blank check company Fast Acquisition Corp. The deal values Fertitta s empire, which includes the Landry s restaurant group and Golden Nugget casinos at $6.6 billion. It s expected to close in the second quarter of this year.
Houston billionaire Tilman Fertitta to take restaurant, gaming empire public
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Tilman Fertitta, owner of Landry s Inc. and the Houston Rockets, said Feb. 1 he would merge his Landry’s and Golden Nugget holdings with a ‘blank check’ company, valuing the business at $6.6 billion. Fertitta will maintain control, the Rockets and other assets are not part of the deal.Jon Shapley, Houston Chronicle / Staff photographerShow MoreShow Less
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The Golden Nugget in Las Vegas. Tilman Fertitta, owner of the Golden Nugget casinos, Landry s Inc. and the Houston Rockets, said Feb. 1 he would merge his Landry’s and Golden Nugget holdings with a ‘blank check’ company, valuing the business at $6.6 billion. Fertitta will maintain control, the Rockets and other assets are not part of the deal.BEATRICE DE GEA / TPNShow MoreShow Less
Golden Nugget parent to go public through SPAC combination
1st February 2021
| By Robin Harrison
Fertitta Entertainment, the parent company of Golden Nugget operator Landry’s, is to list its shares on the New York Stock Exchange through a merger with special purpose acquisition company (SPAC) Fast Acquisition Corporation.
The deal will see Fertitta Entertainment owner Tilman Fertitta sell a minority stake in the business to investors.
He will retain a 60% stake, holding stock valued in excess of $2bn following the closure of the transaction, and will remain its chairman, president and chief executive.
The business previously traded on the NYSE between 1993 and 2010, when Fertitta acquired all outstanding shares to take it private.
Fertitta Takes Landry’s Public Again at $6.6 Billion Value The company reported about $3.4 billion in sales in 2019, but like most consumer-driven businesses, Fertitta’s chains were hit hard by the coronavirus. Bloomberg | Feb 01, 2021
(Bloomberg) Tilman Fertitta is taking his restaurant and casino empire public again through a merger with a special purpose acquisition company that values his Fertitta Entertainment Inc. at $6.6 billion, including debt.
Fertitta is combining his closely held Houston-based business with Fast Acquisition Corp., a shell company taken public last year by fellow restaurateurs Sandy Beall and Doug Jacob. Bloomberg News reported earlier that the deal was in the works.