Philippines' Okada Manila to list in U.S. via $2.5 billion SPAC deal

(Reuters) -Okada Manila, a Philippines-based casino resort, has agreed to go public in the United States through a merger with blank-check firm 26 Capital Acquisition Corp in a deal valued at $2.5 billion.

The deal, announced on Friday, is expected to provide Okada Manila with up to $275 million in cash proceeds. The casino operator intends to use the funds for growth and other corporate purposes.

Okada Manila-parent company Universal Entertainment Corp will roll its entire equity into the combined company, of which it will own about 88% upon the close of the deal.

The merger is expected to close in the first half of next year.

Blank-check firms, also known as special-purpose acquisition companies (SPACs), have no business operations and are raised with the purpose of merging with a private company at a later date.

Reporting by Sohini Podder in Bengaluru; Editing by Aditya Soni

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

AOCE and WB boost gold targets for 2025 significantly

Gold and silver price ETFs see major net outflows

Gold stocks decline by less than metal price

A shift to the later stages of gold and silver bull markets

Gold stocks plunge on metal drop