FAST Acquisition Corp, Fertitta Entertainment terminate merger agreement

Termination agreement an amicable one.

FAST Acquisition Corporation and Fertitta Entertainment (FEI) – parent company of Golden Nugget/Landry’s and a leader in gaming and entertainment – have both decided not to merge with one another. The termination of the merger was a mutually-determined decision.  

The merger agreement had been entered into on February 1, 2021 and would be later amended on June 30, 2021. The simultaneous decision to end the agreemnt came after both parties agreed on a date of termination. 

As part of the termination settlement, FAST and its shareholders are to receive $33m in upfront and deferred payments. Part of this payment is dependent on whether FAST effectuates a business combination transaction.  

Also, as part of the settlement, there will be a payment to the special-purpose acquisition company (SPAC) that will cover the expenses incurred as a result of the terminated transaction. The settlement will also replenish the SPAC’s capital account. 

Comments from both sides of the agreement are illustrative of the amicability of the termination.  

Founder of FAST, Doug Jacob, said: “FEI is an incredible hospitality empire…. We wish Tilman [Fertitta, head of FEI] and his team the best of luck as they remain a private company. Through this settlement we ensured that we are sufficiently capitalized to seek a new target and that we could continue our efforts to maximize value for our shareholders.” 

Tilman Fertitta commented: “I have a lot of respect for the FAST team and will support them however I can as they continue to search for a merger target. At the end of the day, we ultimately determined that the right decision for my company was to remain private at this time, and I look forward to continuing to grow our business both organically and inorganically.” 

Cameron Saunders

Visit Profile

Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.