November 8, 2019 / 9:36 PM / 5 months ago

Allegro to take TGI Fridays owner public

Nov 8 (Reuters) - Blank check company Allegro Merger Corp will buy privately held TGIF Holdings LLC in a cash-and-stock deal, taking the owner of popular restaurant chain TGI Fridays public, the companies said on Friday.

Upon deal close, TGIF's shareholders would get a combination of cash-and-stock valued at $30 million. Allegro would assume about $350 million of the company's net debt.

The deal is expected to close in the first quarter of 2020.

Cantor Fitzgerald and Piper Jaffray & Co. are acting as capital market advisors to Allegro, while Graubard Miller is acting as its legal advisor. TGIF is represented by Ropes & Gray LLP. (Reporting by Ambhini Aishwarya in Bengaluru; Editing by Shailesh Kuber)

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