Pace Holdings Corp.
TPG Pace › Pace Holdings Corp.
Playa Hotels and Pace Holdings Combination
Pace Holdings is a special purpose acquisition company formed by TPG for the purpose of entering into a merger, stock purchase or similar business combination with one or more businesses. The company’s strategy is to identify and acquire businesses that are better suited to generate strong returns in a public market environment while benefitting from TPG’s operational expertise. In August 2015, Pace Holdings filed for an IPO, raising more than $450 million that month.
On December 13, 2016, Pace Holdings entered a merger agreement with Playa Hotels & Resorts B.V., a leading owner, operator, and developer of premier all-inclusive resorts on prime beachfront properties in the Dominican Republic, Jamaica, and Mexico. On March 1, 2017, Pace Holdings announced that its shareholders approved the combination of Pace and Playa Hotels & Resorts, with more than 99% of the voted shares in favor. The combined company will retain the Playa name and will be a publicly listed company with an anticipated initial enterprise value of approximately $1.75 billion. This transaction will be a catalyst to accelerate Playa’s growth strategy by providing $500 million of additional capital and access to the public markets to strengthen its balance sheet, pursue acquisitions, and enhance distribution—all furthering the company’s leading position in an emerging, high-growth sector.