A company run by the Houston Rockets owner Tilman Fertitta has agreed to buy food delivery startup Waitr nc. for $308 million, according to Bloomberg News.
Landcadia Holdings Inc. is paying Waitr’s backers, which includes Saints QB Drew Brees, at least $50 million in cash and the rest in stock in a deal that will bring the food-delivery company public.
Landcadia will change its name to Waitr and trade on the Nasdaq after the deal closes later this year.
Waitr’s management is expected to remain in place and Fertitta will join its board.
Fertitta, a Houston native who bought the Rockets last year, is familiar with the restaurant and hospitality industry. He owns the Golden Nugget Casino and Landry's Inc. Restaurants in the Landry's chain include Landry's Seafood, Saltgrass Steakhouse, Bubba Gump Shrimp Co. and Rainforest Cafe.