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Tilman Fertitta, the billionaire CEO of Landry's is teaming up with Richard Handler, the CEO of investment bank Jefferies Group (and its parent company Leucadia National) to launch a special purpose acquisition company.
A special purpose acquisition company, or SPAC for short, holds no assets and uses the proceeds from an initial public offering to buy other companies and generate value by improving the acquired businesses operations.
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Reuters, citing "people familiar with the matter," reported that the new company will be named Landcadia and plans to raise as much as $300 million through an initial public offering. The publication added that the 2 CEO's "bromance" dates back several years as Jefferies helped finance Landry's debt in 2007.
Feritta's business focuses on the dining, hospitality, entertaining and gaming industry. The special purpose acquisition company will have a similar focus.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.