Okada Manila’s Merger With 26 Capital

Schulte Roth & Zabel advised 26 Capital Acquisition Corp. on the deal.

26 Capital Acquisition Corp. closed its merger agreement with Tiger Resort Leisure and Entertainment Inc., operating as Okada Manila, and certain of its affiliates.

Okada Manila is one of the premier casino and integrated resorts in Asia. It is currently the largest integrated resort in the Philippines and among the largest in the world. 26 Capital’s expertise in gaming, gaming technology, lodging, entertainment and internet commerce is expected to add value, growth and opportunities for Okada Manila.

As a result of the transaction, Okada Manila will become a publicly traded company listed on Nasdaq and have an enterprise value of $2.6 billion and an equity value of $2.5 billion. The transaction is expected to close in the first half of 2022.

26 Capital Acquisition Corp. (26 Capital) is a NASDAQ-listed blank check company formed for the purpose of creating stockholder value by identifying an acquisition target with significant growth opportunities that the 26 Capital team can enhance by utilizing its experience and track record of creating and unlocking value across a range of sectors, with particular expertise in gaming, gaming technology, fintech, lodging, entertainment, branded consumer and internet commerce.

The Schulte team advising 26 Capital was led by M&A and securities partners Jeffrey Symons (Picture) and F. Xavier Kowalski. The team also included investment management partner John Mahon; business reorganizations partner Douglas Mintz; M&A and securities special counsel Gregory Kinzelman, associate Jamie Freedman and law clerks Mario Kranjac and Abby Castaldi; tax associates Joseph Reich and Hannah Hollingsworth; and intellectual property partner Edward Sadtler, associate Jennifer Gordon and law clerk Edward Nasti.

Involved fees earner: Jamie Freedman – Schulte Roth & Zabel; Jennifer Gordon – Schulte Roth & Zabel; Hannah Hollingsworth – Schulte Roth & Zabel; Gregory Kinzelman – Schulte Roth & Zabel; Xavier Kowalski – Schulte Roth & Zabel; John Mahon – Schulte Roth & Zabel; Douglas Mintz – Schulte Roth & Zabel; Joseph Reich – Schulte Roth & Zabel; Edward Sadtler – Schulte Roth & Zabel; Jeffrey Symons – Schulte Roth & Zabel;

Law Firms: Schulte Roth & Zabel;

Clients: 26 Capital Acquisition Corp.;