Landcadia Holdings II has completed the acquisition of Golden Nugget Online Gaming following approval from the majority of its stakeholders. 

Upon completion of the business combination, Landcadia changed its name to Golden Nugget Online Gaming, Inc. The company’s shares of class A common stock will commence trading on Nasdaq Stock Market under the ticker symbol “GNOG” as of today (December 30).  

GNOG began its operation in New Jersey during the fourth quarter of 2013, and is lauded as being the first online gaming company to launch a live dealer in the US. After becoming profitable four years ago it recorded net income of more than $11m in 2019.

Commenting on the combination Tilman J. Feritta, who will continue to serve as the company’s CEO and chairman of the board, said: “I am pleased to see the business combination finally close. We see tremendous opportunity in the online gaming space and are excited to be a part of it.”

Furthermore, Thomas Winter will remain as president and the rest of the Golden Nugget Online Gaming team will continue in their respective roles.  

Jefferies LLC served as the sole financial, capital markets advisor and placement agent to Landcadia. White & Case LLP acted as legal counsel to Landcadia and Haynes and Boone LLP served as legal counsel to Golden Nugget Online Gaming.

The transaction values the combined company at an anticipated pro forma enterprise value of approximately $745m, or 6.1x GNOG’s estimated 2021 revenue of $122m.

Fertitta and Jefferies formed Landcadia Holdings II and took it public last year, raising $316m for an acquisition. Plans to merge it with Fertitta’s online gaming and digital sports entertainment company were made public in June.