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 in a deal valued at $2.5 billion.
The merger announced on Friday, 15 October 2021 is expected to give Okada Manila cash proceeds of up to $275 million that it plans to use for growth once COVID-19 curbs ease in what was one of Asia’s fastest-growing gambling markets before the pandemic.
Its parent company Japan’s Universal Entertainment Corp will roll its entire equity into the combined company, of which it will own about 88% upon the close of the deal.
The merger with 26 Capital Acquisition is expected to close in the first half of next year. The blank-check firm is led by Jason Ader, the co-founder and chief executive of New York-based buyout firm SpringOwl Asset Management.
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