Buffalo Bills owner to take local firm public in $618M SPAC merger

Welcome to Orlando Business Journal's weekly LinkedIn newsletter. I'm Digital Producer/Senior Staff Writer Richard Bilbao, rounding up Orlando business news to keep you in the know when time is short.

The owner of the National Football League's Buffalo Bills plans to take an Orlando company public through a $618 million special purpose acquisition company merger, known as a SPAC.

Boca Raton-based East Resources Acquisition Co. (Nasdaq: ERES) — an entity separate from?Terrence M. Pegula's sports holdings — has merged with Orlando-based life insurance policy purchaser Abacus Life, according to Pegula in a prepared statement.

East Resources Acquisition Co. will be renamed Abacus Life Inc., and the company's common stock will begin trading July 5 on the Nasdaq Capital Market with the tickers “ABL” and “ABLLW.”

Go here for the full story.

And now, on to other big business deals, transactions and activity headlines from the week.

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Real estate news of the week

• This area targeted as new location for fast-growing hotel brand: The project would rise on a 3.23-acre parcel.
• Town architect on biggest lessons learned from Baldwin Park’s success 20 years later: "The proof is that people want to be there."
• UCF-area property in Orlando eyed for redevelopment: An application filed in Orange County seeks to change the land-use plan.

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Orlando news bites

You don't want to miss these other top stories:

• These banks have closed the most Central Florida branches so far this year: Four banks filed to close at least branches this year.
• Brevard County seeks contractor for new outdoor arts and events venue: A project like this would provide a cultural amenity that would improve the area's quality of life, helping make it more attractive to companies looking to expand or relocate.
• This company to lay off dozens of workers at its Lake Nona HQ: Sometimes, laid-off workers can fit a need at other companies looking to hire skilled workers.

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Restaurant news & notes

Check out the latest news on popular local places to eat:

• Lego-inspired burger restaurant pop-up Brick Burger headed to secret venue in Orlando: Along with building your own burger, the experience also will include colorful Lego-themed furniture, walls and a brick-building station, according to the website.?
• Here's the latest on the region's first Slim Chickens restaurant: The menu features chicken tenders and wings, craft sandwiches and wraps, salads, chicken and waffles, milkshakes and other desserts.

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Nominations & Events

Things to put on your busy calendar:

• Nominate now for the 2023 Inno Under 25, which recognizes the top founders, entrepreneurs, innovators and leaders under 25 in Orlando. The deadline is July 21.
• Nominations being accepted for the 2023 C-Suite Awards, which recognize Central Florida's top CEOs, CFOs, CIOs, CMOs, COOs and others. The deadline is July 27.
• Nominate now for the 2023 Power Players, which honor business leaders and executives helping grow and innovate the way business is done throughout the region. The deadline is Aug. 17.
• Nominate now for the 2023 Veterans of Influence, which?recognizes military veterans who have made a significant achievement in their careers in the past year, have a strong record of innovation or outstanding performance in their work, and are involved in our community. The deadline is Oct. 6.

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Finally ... make your voice heard!

These?OBJ?polls are live. Let us know what you're thinking.

• Which of these proposed projects do you think is the priority for TDT funding?
• How often do you do business in Brevard County?

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That's all for this week's top headlines, and thanks for supporting?OBJ.

This weekly round-up of Orlando business news was compiled by Richard Bilbao, digital producer/senior staff writer. Questions? Comments? Concerns? News tips? Send them to [email protected].