FST - FAST Acquisition higher on confirming merger deal with Fertitta Entertainment at ~$6.6B valuation
Fertitta Entertainment, the parent company of Golden Nugget/Landry's, a leader in the gaming, restaurant, hospitality and entertainment industry to go public through a business combination with FAST Acquisition (FST) at ~$6.6B valuation, or 9.25x projected 2022 pro forma Adjusted EBITDA of $648M, including the value of the GNOG equity to be contributed to the company, based on an assumed per share trading price of ~$18 for GNOG shares.Tilman Fertitta, sole owner of Fertitta, will continue to lead as the Chairman, President and CEO of the company and will remain the largest shareholder.Transaction provides $200M of cash in trust, institutional shareholders commitment of ~$1.2B in the form of a PIPE at a price of $10/share of FAST.The company expects to use the proceeds to accelerate the company's growth initiatives, general corporate purposes and reduce existing debt.Tilman Fertitta is expected to own close to 60% interest, the FAST sponsors are expected to own 1%, PIPE
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FAST Acquisition higher on confirming merger deal with Fertitta Entertainment at ~$6.6B valuation