FAST Acquisition Corp - Ordinary Shares - Class A

NYSE:FST   9:41:39 AM EDT
+0.14 (+1.21%)
Debt Financing / Related, Equity Investments, Other Pre-Announcement

Fertitta Entertainment Inc Announces Amendment To Merger Agreement With Fast Acquisition Corp

Published: 07/01/2021 00:53 GMT
FAST Acquisition Corp - Ordinary Shares - Class A (FST) - Fertitta Entertainment, Inc. Announces Amendment to Merger Agreement With Fast Acquisition Corp.
Fertitta Entertainment - Amended Transaction Values Golden Nugget/landry's at Enterprise Value of Approximately $8.6 Billion.
Fertitta-co Agreed to Contribute Certain Operating Businesses Not Originally Included As Part of Business Combination With Fast for No Additional Debt.
Fertitta -co's Owner,will Receive Additional Equity in Nyse Public Co,increasing His Total Equity Stake Post-closing of Transaction to About 72%.
Fertitta -businesses That Will Now Be Contributed to Public Company Include Mastro's Brand, the Aquariums, the Pleasure Pier, Vic and Anthony's.
Fertitta -to Enter Into Transaction to Buy Catch Restaurants,including Catch Steak,which Restaurant Group is Already 50% Owned Indirectly by Tilman.
Fertitta -estimated Cash Proceeds From the Transaction Are Expected to Consist of Fast's $200 Million of Cash in Trust, Assuming No Redemptions.
Fertitta-shareholders to Invest About $1.24 Billion in Form of Pipe at $10 per Share of Common Stock of Fast Immediately Prior to Closing of Transaction.
Fast Acquisition - Parties Will Undertake Certain Reorganizational Transactions to Exclude From Public Company Certain Businesses and Asset.
Fertitta-expects to Use Proceeds From Transaction to Accelerate Company's Growth Initiatives, General Corporate Purposes and Reduce Existing Debt.