Philippines' Okada Manila to list in U.S. via $2.5 bln SPAC deal (updated)

26 Capital Acquisition

15/10/2021 12:32

(Adds details on proceeds, deal's close, parent company)
    Oct 15 (Reuters) - Okada Manila, a Philippines-based casino
resort, has agreed to go public in the United States through a
merger with blank-check firm 26 Capital Acquisition Corp
 ADER.O  in a deal valued at $2.5 billion. 
    The deal, announced on Friday, is expected to provide Okada
Manila with up to $275 million in cash proceeds. The casino
operator intends to use the funds for growth and other corporate
purposes. 
    Okada Manila-parent company Universal Entertainment Corp
 6425.T  will roll its entire equity into the combined company,
of which it will own about 88% upon the close of the deal. 
    The merger is expected to close in the first half of next
year. 
    Blank-check firms, also known as special-purpose acquisition
companies (SPACs), have no business operations and are raised
with the purpose of merging with a private company at a later
date.



 (Reporting by Sohini Podder in Bengaluru; Editing by Aditya
Soni)
 ((Sohini.Podder@thomsonreuters.com;))