White & Case Advises Falcon’s Beyond on its US$1 Billion Business Combination with FAST Acquisition Corp. II
2 min read
Global law firm White & Case LLP has advised Falcon's Beyond Global, LLC, a leading fully integrated global entertainment development company specializing in intellectual property creation and expansion, on its entry into a definitive merger agreement with FAST Acquisition Corp. II (NYSE: FZT), a hospitality and entertainment focused special purpose acquisition company.
The transaction values the combined company at approximately US$1.0 billion and offers downside protection for FAST II stockholders through (i) the automatic conversion of 50 percent of FAST II's existing public stockholders' position into convertible preferred equity and (ii) a bonus pool of common shares allocated to private placement investors and non-redeeming FAST II stockholders. Upon closing of the transaction, the combined company will be named “Falcon's Beyond Global, Inc.” and is expected to be listed on Nasdaq under the ticker symbol “FBYD.”
Falcon's Beyond is a fully integrated, top-tier experiential entertainment development enterprise focusing on a 360° IP Expander™ model. Headquartered in Orlando, Florida, the company brings its own proprietary and partner IPs to global markets through owned and operated theme parks, resorts, attractions, patented technologies, feature films, episodic series, consumer products and licensing.
The White & Case team was led by M&A partners Matthew Kautz, James Hu and Matthew Hurlock and Capital Markets partners Joel Rubinstein and Jonathan Rochwarger (all in New York), with Capital Markets counsels Marie Elena Angulo (Miami) and Amanda Maki (Houston), Tax partner Scott Fryman (New York) and Capital Markets partner Edward So (New York). The team also included M&A associates Hailey Bair, Jennifer Lee (both in New York), Joshua Butler and Kal Leung (both in Silicon Valley); Capital Markets associates Adam Berkaw, Biddy Fraga (both in New York), Rachel Collier, Chris Carreon, Bryson Manning (all in Houston) and Chad Klitzman (Miami); and Tax associate Adriana Zhan (New York).
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