Houston Rockets owner Tilman Fertitta and the SPAC that was to take his company public have decided to call off the merger.
Fertitta Entertainment had agreed to go public by merging with FAST Acquisition Corp. in a deal valuing the combined company at $8.6 billion. The company owns Golden Nugget Gaming and restaurant chain operator Landry’s.
The deal had an unusual number of twists and turns for a SPAC merger.
- The two sides initially linked up in February on a deal that valued the combined company at $6.6 billion.
- It was expanded in June to include additional hospitality and entertainment companies, adding $2 billion to the company’s valuation.
- Earlier this month, Fertitta Entertainment sought to terminate the deal because it had not been completed by its Dec. 1 deadline.
- FAST sought to force the deal to go through, saying the delay was because Fertitta Entertainment had failed to produce required documents.
FAST Still Looking to Deal
Fertitta Entertainment will pay up to $33 million to extract itself from the deal. Part of that sum is contingent on whether FAST goes on to merge with another company.
FAST raised $200 million in an IPO in August 2020.