Okada Manila goes public in 2 6bn deal with Jason Ader s 26 Capital Acquisition Corp

Okada Manila and 26 Capital Acquisition Corp have announced plans to merge in a move that will see the Philippines-based casino company go public

Okada capital of the Philippines and 26 Washington Acquisition Corp get proclaimed plans to merge inward a go that will reckon the Philippines-based cassino companion proceed public.

Tiger Resort, Leisure and Entertainment Inc, operating as Okada Manila, has signed a merger concord with the Miami-based special acquisitions business firm that testament see its stock up listed on the Nasdaq via an American Depository Receipt program.

26 Washington brag Jason Ader, who is both Chairman of the Board and CEO of the firm, will loan his industry expertise to Okada followers the merger, with the Asian play giant hoping his addition testament help unlock value and driving growing opportunities.

“Okada capital of the Philippines is the future tense of the gaming marketplace in Asia and poised for tremendous growth,” said Ader.

“With its beautiful young facility, a desirable location inwards ane of the fastest-growing gaming markets in the world, and potency for industry-leading margins and cash flow rate conversion, i believe Okada Manila is an exceedingly compelling investment.”

The dealings implies an endeavour time value for the casino accompany of $2.6bn, with an additional $2.5bn inward equity value, piece the understanding is expected to ply Okada with a farther $275m in cash, a major boon for the already rapidly growing business.

Universal Entertainment Corp, the parent fellowship of Okada, currently owns 100% of its equity and is expected to command about 88% of the combined companionship once the business deal is closed.

Current Okada President Byron Yip testament bear on to conduct the fellowship after the merger is finalised, with the executive commenting: “Okada capital of the Philippines is at the pump of the gaming and hospitality concern inwards Asia.

“We are golden to control the to the highest degree luxurious structured holiday resort in the Philippines, and excited to realise the total potentiality of this state-of-the-art installation for gaming, entertainment, and hospitality as a public troupe and inward partnership with Jason Ader of 26 Capital.”