Landcadia Holdings II-Golden Nugget Merger Approved

Landcadia Holdings II-Golden Nugget Merger Approved

Stockholders of Landcadia Holdings II approved the acquisition of Golden Nugget Online Gaming on Tuesday, completing an anticipated business combination.

The merger was the result of a SPAC deal. A SPAC, is a publicly-traded special purchase acquisition company. In this case, Landcadia Holdings II merges with a privately-held company (here, that was Golden Nugget Online) in order to take that acquired company public. Golden Nugget Online Gaming, Inc., is an online gaming and digital sports entertainment company. The business combination was approved by a majority of Landcadia's stockholders.

With the completion of the deal, Landcadia Holdings II changed its name to Golden Nugget Online Gaming, Inc. The newly named company begins trading on the Nasdaq on Wednesday under the ticker symbol "GNOG."

RELATED: As SPACs Explode, Which Gaming Company is Next to Go Public?

Significance of the Deal

This SPAC was notable because Tilman Fertitta, who also owns the NBA’s Houston Rockets, was the controlling principal of both the SPAC and the target company. Fertitta will continue to serve as the company's CEO and chairman of the board. Thomas Winter will remain as president.

"I am pleased to see the business combination finally close,” Fertitta said in a statement. “We see tremendous opportunity in the online gaming space and are excited to be a part of it."

The vote previously had been scheduled for Dec. 18, but it was postponed when it was clear that there was not a sufficient number of required votes. Landcadia Holdings II amended requirements for stockholder voting on the matter and, subsequently, the merger was approved.

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