RTTNews | Jun 30, 2021 09:46PM EDT

21:45 Wednesday, June 30, 2021 (RTTNews.com) - Fertitta Entertainment Inc., the parent company of Golden Nugget/Landry's, and FAST Acquisition Corp. (FST), a special purpose acquisition company co-headed by Doug Jacob and Sandy Beall, said that the have amended their merger agreement entered into between the them on February 1, 2021.

As per the amendment, Fertitta has agreed to contribute certain operating businesses not originally included as part of the business combination with FAST for no additional debt.

Businesses that will now be contributed to the public company include the Mastro's brand, the Aquariums, the Pleasure Pier, Vic and Anthony's, and a handful of smaller restaurant concepts, adding a total of 42 incremental, high-quality business assets. Fertitta will also enter into a transaction to acquire the Catch restaurants, including Catch Steak, which restaurant group is already 50% owned indirectly by Tilman Fertitta.

In connection with the amendment, Fertitta Entertainment's owner, Mr.Fertitta, will receive additional equity in the NYSE public company which will increase his total equity stake post -closing of the transaction to about 72%. The amended transaction implies an enterprise valuation for Golden Nugget/Landry's of about $8.6 billion.

Fertitta expects to use the proceeds from the transaction to accelerate its growth initiatives, general corporate purposes and reduce existing debt. In connection with the merger, the parties will undertake certain reorganizational transactions to exclude from the public company certain businesses and assets that Tilman J. Fertitta will continue to wholly own on a private basis.

Read the original article on RTTNews ( https://www.rttnews.com/3206178/fertitta-entertainment-fast-acquisition-amend-merger-agreement.aspx)

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