Falcon’s Beyond Global announced that it closed its business combination with FAST Acquisition II.
Falcon’s Beyond has raised more than $100 million in gross proceeds to support its growth strategy “to deliver extraordinary entertainment experiences through a vast array of products, platforms and IP, which includes the previously-announced and consummated private and strategic investments in the company and its subsidiaries by existing investors since announcement of the business combination and proceeds from FAST II’s trust account,” the company said in a press release.
At deal announcement in July 2022 the merger had a pro forma enterprise value of approximately $1 billion. Deal adjustments since then lowered Falcon’s Beyond’s enterprise value to $620 million, with $400 million of that amount reserved for an earnout tied to EBITDA and revenue targets this year and in 2024.
Falcon’s Beyond common stock, preferred stock and warrants began trading today on the Nasdaq under the ticker symbols FBYD, FBYDP and FBYDW, respectively.
Guggenheim Securities served as financial advisor to Falcon’s Beyond. Jefferies was lead financial advisor and capital markets advisor to FAST II. White & Case served as legal advisor to Falcon’s Beyond. Gibson, Dunn & Crutcher served as legal advisor to FAST II. Read more.
