FAII - SPAC Fortress Value Acquisition II drops after deal for ATI Physical Therapy

February, 22 2021 08:05 AM Fortress Value Acquisition Corp. II Class A

SPAC Fortress Value Acquisition II (FAII) fell 13% in premarket trading after announcing deal to take ATI Physical Therapy public in a combination valued at $2.5b.The deal is expected to provide up to $645m in cash proceeds, including $300 million of fully committed PIPE. ATI Physical Therapy is the largest single-branded outpatient physical therapy provider in the U.S., according to the announcement.Investment funds affiliated with Fortress Investment Group LLC are investing $75m into the PIPE and are joined by institutional investors including Wells Capital Management, Weiss Asset Management and Monashee Investment Management. Advent International and Management are rolling 100% of existing equity; Advent will remain the company's largest holder.The transaction is expected to close in the second quarter.Recall Sept. 29, Fortress Value Acquisition Corp. II announces the separate trading of its Class A common stock on Oct. 2.

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SPAC Fortress Value Acquisition II drops after deal for ATI Physical Therapy

Company Name:	Fortress Value Acquisition Corp. II Class A
Stock Symbol:	FAII
Market:	NYSE

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