FAII - Fortress Value Acquisition Corp. stock falls on SPAC deal to buy ATI Physical Therapy

ATI Physical Therapy has agreed to a SPAC merger deal with Fortress Value Acquisition Corp. II (FAII) that values ATI at $2.5B.The deal will give ATI some $645M million in cash – about $300M from the SPAC and $300M through a fully committed private investment in public equity (PIPE).The PIPE’s participants include FAII sponsor Fortress Investment Group LLC, which is investing $75M. Other participants include Wells Capital Management, Weiss Asset Management and Monashee Investment Management.ATI Physical Therapy is the largest single-branded U.S. outpatient physical therapy provider.FAII was down 12.4% at $10.60 in premarket trading at about 8:40 a.m. ET on the deal news.

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Fortress Value Acquisition Corp. stock falls on SPAC deal to buy ATI Physical Therapy