Allegro to take TGI Fridays owner public

(Reuters) - Blank check company Allegro Merger Corp ALGRU.O 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