The Daily Dish (7/05/21)
Fertitta Entertainment Amends SPAC Deal
The holding company for Golden Nugget Casinos and Landry’s restaurants is amending its SPAC merger with Fast Acquisition Corp by adding more assets to the deal.
Fertitta said it agreed to contribute the Mastro’s brand, the Aquariums, the Pleasure Pier, Vic and Anthony’s and a handful others, adding a total of 42 business assets that wasn’t originally included in the deal announced in February.
The company also expects to acquire Catch restaurants, which is owned partly by Fertitta owner Tilman Fertitta. The amended deal values the company at $8.6 Billion and the company expects to use proceeds from the transaction to speed up its growth, fund operations and cut down debt.
Oncology Institute Planning $1 Billion SPAC Merger
Cancer Treatment Company Oncology Institute of Hope & Innovation announced that it intends to list on Nasdaq through an SPAC merger with Deerfield Management Co with the deal valuing the combined entity at $1.06 Billion.
Oncology Institute will receive $225 million from the SPAC merger which it will use to fuel growth through various initiatives.
The Company was established in 2007 as a for profit cancer treatment practice, which aims to provide a one stop solution for cancer treatment through acquisition and affiliations with existing cancer treatment practices. The company reported revenues of $188 million in 2020.
Over the last decade, the institute has grown with serval acquisitions into a multistage operation. The company currently has 600 employees across 50 clinics in California, Nevada, Arizona and Florida.
Tuscan Holdings Outperforming Broader SPAC Market
Shares in Tuscan Holdings Corp continues to rise as it draws closer to a merger with Microvast. Microvast is a company which specializes in lithium-ion battery solutions.
The company is best known for its cutting edge cell technology and vertical integration capabilities that span from basic battery chemistry through battery packs.
Microvast expects to receive $822 million from the SPAC merger and will be listed on Nasdaq under the new ticker ‘MVST’ after the merger is completed. THCB shareholders will control 12% of Microvast, while PIPE investors will own 18%. The merger is expected to close in the second quarter of 2021.
Microvast anticipates 2021 revenues to be around $230 million, which an increase of 126% compared to the revenues in 2020. THCB shares were trading at $14.54 on Friday and was up $1.18 or 8.83% from the previous close of $13.36.
