Entertainment development company Falcon’s Beyond said Tuesday it has agreed to go public via a merger with special-purpose acquisition corporation Fast Acquisition Corp. II in a deal with a pro forma enterprise value of about $1 billion. The Falcon’s Beyond portfolio includes Falcon’s Creative Group, Falcon’s Beyond Destinations and Falcon’s Beyond Brands, the companies said in a joint statement. Falcon’s Beyond will receive up to $282 million of cash proceeds, including $60 million in a private placement investment by Katmandu Collections, LLLP, an existing shareholder, of which $20 million has been pre-funded and deployed to Falcon’s Beyond’s investment in its Punta Cana resort. Once the deal closes, the company will be renamed Falcon’s Beyond Global and trade on Nasdaq under the ticker ‘FBYD.’ “Through its powerful combination of experience, capabilities and partners, Falcon’s Beyond has an opportunity to transform the multi-trillion-dollar hotel & resort and entertainment & media markets,” said the statement. The deal is expected to close in the second half or first quarter of 2023.
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