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.
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