Tilman Fertitta's Restaurant, Casino Group In Talks With Fast Acquisition SPAC

Billionaire Tilman Fertitta is in talks to take another business unit public via a SPAC.

What Happened: Fertitta is in talks to take his casino and dining assets public via SPAC Fast Acquisition Corp FST, according to a Thursday Bloomberg report. 

The deal, which could be announced next week, would value the assets at $7 billion including debt. Fertitta had weighed an IPO to bring the assets public as well. Sources say Fertitta would still maintain majority control of the company, Bloomberg reported. 

Fast Acquisition raised $200 million in its SPAC offering. The company is in talks to raise $1 billion in new equity to complete the deal.

Related Link: 10 SPACs Trading Under $11 For Investors To Consider In 2021

Why It’s Important: The assets that would be included in the SPAC deal include the Del Frisco’s Steakhouse, Morton’s The Steakhouse, McCormick & Schnick’s and Bubba Gump Shrimp Co. restaurant chains. 

Casinos under the Golden Nugget brand are located in Atlantic City, New Jersey; Biloxi, Mississippi; Lake Charles, Louisiana; Las Vegas, Nevada; and Laughlin, Nevada. 

The online sports betting and iGaming portion of the casino business went public in an earlier SPAC deal and now trades as Golden Nugget Online GNOG.

The restaurant group was previously public from 1993 to 2010 before being taken private by Fertitta in a $1.4-billion deal. Fertitta began his casino interests after buying the restaurant unit out.

Price Action: Shares of Fast Acquisition were down 3.37% at $10.89 at last check Friday.

Shares hit highs of $12.35 Thursday, trading 20% higher on the Bloomberg report.