Okada Manila failed to go public via a SPAC merger with 26 Capital Acquisition in a $2.6bn deal.

Transaction Tags

• Cross Border
• casino operator
• Private
• Majority
• Casinos and Gambling
• De-SPAC
• resorts
• Friendly
• Single Bidder
• Reverse Takeover
• Acquisition
• Philippines
• Failed

Synopsis

Okada Manila, an operator of casino resorts, failed to go public via a SPAC merger with 26 Capital Acquisition in a $2.6bn deal. Universal Entertainment, a manufacturer of gaming machines, will roll 100% of its equity in the transaction and is expected to own approximately 88% of the combined company "Okada Manila is the future of the gaming market in Asia and poised for tremendous growth. With its beautiful new facility, a desirable location in one of the fastest-growing gaming markets in the world, and potential for industry-leading margins and cash flow conversion, I believe the Okada Manila is an extremely compelling investment," Jason Ader, 26 Capital Acquisition Chairman of the Board of Directors and CEO.

Sources