Sunday December 3, 2023

SPAC Moves to Force Fertitta to Go Through with Merger

  • FAST Acquisition Corp. is seeking to force Fertitta Entertainment to go ahead with a merger that the two sides had previously agreed on.
  • FAST indicated a willingness to take the matter to court.
Golden Nugget/Design: Alex Brooks
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A SPAC is seeking to force Houston Rockets owner Tilman Fertitta to go through with a previously agreed merger.

FAST Acquisition Corp. and Fertitta Entertainment agreed to a deal in February valuing the combined company at $6.6 billion. The deal was expanded to $8.6 billion by including additional hospitality and entertainment companies in July.

Fertitta was to own 72% of the new company and be its chairman, president, and CEO. He bought the Rockets in 2017 for $2.2 billion.

Fertitta Entertainment, which owns Golden Nugget Gaming and restaurant chain operator Landry’s, sought to end the merger on Wednesday.

  • The company said in a filing with the Securities and Exchange Commission that either side had the right to terminate the deal if it had not closed by Dec. 1.
  • FAST countered that the deal hadn’t closed because Fertitta Entertainment had been tardy in providing financial statements, and that it did not have the right to call off the agreement.
  • FAST said it would “take all necessary steps to protect itself and its investors” and indicated a willingness to take the matter to court.

DraftKings agreed to purchase Golden Nugget Online Gaming, a segment of Fertitta Entertainment’s casino business, in an all-stock deal worth $1.56 billion in August.

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