Okada Manila to go public by merging with gambling investor Jason Ader's SPAC
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Okada Manila, which operates Asian-based Tiger Resort, Leisure and Entertainment Inc., is going public by merging with special purpose acquisition corporation 26 Capital Acquisition Corp. aderin a deal with an implied enterprise value of $2.6 billion. 26 Capital is the Miami-based SPAC launched by billionaire gambling investor Jason Ader. The Japanese-owned Okada Manila operates casino resorts in Asia and owns the largest integrated resort in the Philippines. The company will have up to $275 million in cash once the deal closes and Ader will help the company with his expertise in gaming, gaming technology, lodging, entertainment and internet commerce, he said in a statement. Proceeds of the deal will be used to support growth initiatives and for general corporate purposes. The deal is expected to close in the first half of 2022. Okada Manila will continue to be led by President Byron Yip, CFO Hans Van Der Sande and the current management team. Universal Entertainment Corporation, Okada Manila's parent company and the current owner of 100% of its equity, will retain all of its current holdings in Okada Manila in the new public company.
