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

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