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June 29, 2020, 7:49 a.m. EDT

Landcadia to acquire online gamer Nugget

By Matt Grossman

Landcadia Holdings II Inc. said Monday it will acquire Golden Nugget Online Gaming Inc., an online-gaming site, at a valuation of approximately $745 million.

After completing the deal, Landcadia will change its name to Golden Nugget Online Gaming Inc., the company said. Landcadia is a "blank-check" company, or one whose purpose is to merge with another entity.

Landcadia will buy Golden Nugget from its owner, Tilman J. Fertitta, with a combination of cash and rollover equity. Mr. Fertitta will hold a controlling interest in the combined company.

Landcadia will also assume $150 million of Golden Nugget's debt and will pay down an additional $150 million of Golden Nugget debt when the deal closes.

The deal will give Golden Nugget access to growth capital to rapidly expand the business, Mr. Fertitta said.

Write to Matt Grossman at matt.grossman@wsj.com

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