Transaction provides significant capital and
complementary capabilities to further enable Playa’s growth
Pace Holdings Corp. (“Pace”) (NASDAQ:PACE), a special-purpose
acquisition company sponsored by an affiliate of TPG, today
announced that shareholders of Pace have approved the previously
announced business combination (the "Business Combination") of Pace
and Playa Hotels & Resorts (“Playa”), a leading owner,
operator, and developer of premier all-inclusive resorts, with over
99% of the voted shares voting in favor of the Business
Combination. The transaction will result in an anticipated initial
enterprise value of approximately $1.75 billion for the combined
company. Pace's board of directors had previously approved the
Business Combination and recommended that its shareholders vote in
favor of the proposal.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170301005947/en/
As previously announced, on December 13, 2016, Pace entered into
a definitive business combination agreement to provide Playa
additional capital and access to the public equity markets to
further enable its growth. The transaction will deliver cash
proceeds well in excess of the required minimum cash amount and is
anticipated to close on March 10, 2017 or shortly thereafter.
Following closing, the common shares will trade on NASDAQ under the
ticker symbol PLYA.
"This very successful transaction will be a transformational
event for Playa, allowing us to have a greatly improved balance
sheet and available capital to accelerate our ability to execute
highly accretive investments," said Bruce Wardinski, Chairman and
CEO of Playa. "We will now continue in our strategy to add more
all-inclusive resorts under the Hyatt Ziva, Hyatt Zilara, and
Panama Jack brands and to further solidify our leading position in
the all-inclusive resorts sector. Being the only publicly traded
all-inclusive company gives Playa a unique opportunity to be a
consolidator in the segment and drive exceptional growth. I am
extremely excited to enter this next chapter for Playa and deliver
superior returns to our new public shareholders."
“Playa is a great company with tremendous growth potential and a
strong pipeline of attractive investment opportunities,” said Karl
Peterson, TPG Partner and President and CEO of Pace. “Backed by the
support of our shareholders, Playa’s transition to a publicly
capitalized company will significantly accelerate its innovation
and growth. We are eager to work with Bruce and the team to take
the company to the next level.”
At closing, Mr. Peterson will join
the Playa Board of Directors, along with Tom Klein whose
appointment was announced on December 20, 2016, and TPG’s Paul
Hackwell. Mr. Klein is a veteran of the travel and leisure
sector and was most recently President, CEO and a member of the
Board of Directors of Sabre Corporation. Mr. Hackwell leads
TPG’s Travel & Leisure group and also helps lead the
firm’s investment activities in the Retail group. He is on the
board of Arden Group, AV Homes, Life Time Fitness, and Viking
Cruises.
Playa will host a conference call to discuss Playa’s 2016
results on March 15, 2017 at 10:00 a.m. ET.
Additional Information and Where to Find It
Pace has caused Porto Holdco B.V. (“Holdco”) to file with the
SEC a registration statement on Form S-4 (the “Registration
Statement”), which the SEC declared effective on February 10, 2017,
including a prospectus with respect to Holdco’s securities to be
issued in connection with the Business Combination between Pace and
Playa and a proxy statement of Pace in connection with the Business
Combination. Pace has mailed to its shareholders the definitive
proxy statement/prospectus with respect to Holdco’s securities to
be issued in connection with the Business Combination. PACE’S
SHAREHOLDERS ARE URGED AND ADVISED TO READ THE REGISTRATION
STATEMENT CAREFULLY. The Registration Statement and other relevant
materials and any other documents filed by Pace, Holdco or Playa
with the SEC may be obtained free of charge at the SEC’s website,
at www.sec.gov. In addition, shareholders may obtain free
copies of the Registration Statement by directing a request to:
Pace Holdings Corp., 301 Commerce Street, Suite 3300, Fort Worth,
Texas 76102, email: Pace@tpg.com.
Forward Looking Statements
This Current Report includes “forward looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"forecast," "intend," "seek," "target," “anticipate,” “believe,”
“expect,” “estimate,” “plan,” “outlook,” and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Such
forward looking statements include projected financial information.
Such forward looking statements with respect to revenues, earnings,
performance, strategies, prospects and other aspects of the
businesses of Pace, Playa or the combined company after completion
of any proposed Business Combination are based on current
expectations that are subject to risks and uncertainties. A number
of factors could cause actual results or outcomes to differ
materially from those indicated by such forward looking statements.
These factors include, but are not limited to: (1) the inability to
complete the transactions contemplated by the proposed Business
Combination; (2) the inability to recognize the anticipated
benefits of the proposed Business Combination, which may be
affected by, among other things, competition, and the ability of
the combined business to grow and manage growth profitably; (3) the
ability to meet NASDAQ’s listing standards following the
consummation of the transactions contemplated by the proposed
Business Combination; (4) costs related to the proposed Business
Combination; (5) changes in applicable laws or regulations; (6) the
possibility that Playa or Pace may be adversely affected by other
economic, business, and/or competitive factors; and (7) other risks
and uncertainties indicated from time to time in the final
prospectus of Pace, including those under “Risk Factors” therein,
and other documents filed or to be filed with the Securities and
Exchange Commission by Pace. You are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. Pace and Playa undertake no commitment to update
or revise the forward-looking statements, whether as a result of
new information, future events or otherwise.
Disclaimer
This communication is for informational purposes only and is
neither an offer to purchase, nor a solicitation of an offer to
sell, subscribe for or buy any securities or the solicitation of
any vote in any jurisdiction pursuant to the proposed transactions
or otherwise, nor shall there be any sale, issuance or transfer or
securities in any jurisdiction in contravention of applicable
law. No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, and applicable regulations in
the Netherlands and Cayman Islands.
About Playa Hotels & Resorts
Playa Hotels & Resorts is a leading owner, operator and
developer of all-inclusive resorts in popular vacation destinations
in Mexico and the Caribbean. Playa owns a portfolio consisting of
13 resorts (6,142 rooms) located on prime beachfront
properties across Mexico, the Dominican Republic, and
Jamaica. In 2013, Playa entered into a strategic partnership
with Hyatt to create two all-inclusive brands under the Hyatt name,
Hyatt Ziva and Hyatt Zilara, of which Playa is the
sole franchisee. Playa operates six Hyatt resorts across Mexico and
Jamaica, one of which sits in the only private cove in Puerto
Vallarta. Through its relationship with Playa, Hyatt is the first
major U.S. brand to have entered the all-inclusive segment.
About Pace Holdings
Pace was formed with the purpose of acquiring a company
that would be better suited to generate strong returns in the
public markets while benefiting from the broader operational
knowledge, resources and private equity heritage of TPG. This
transaction builds on TPG’s efforts to grow its private equity
offering by servicing different return profiles and product types.
Since the start of 2014, the firm has
launched several new products, including Pace, TPG Real
Estate Finance Trust (“TRT”), TSL Europe and Arrow Ridge
Capital.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170301005947/en/
Media:Pace Holdings Corp.Luke Barrett,
212-601-4752media@tpg.com
Pace Holdings Corp. - Class A Ordinary Shares (MM) (NASDAQ:PACE)
Historical Stock Chart
From Dec 2024 to Jan 2025
Pace Holdings Corp. - Class A Ordinary Shares (MM) (NASDAQ:PACE)
Historical Stock Chart
From Jan 2024 to Jan 2025
