Pace Holdings, Playa Hotels & Resorts close deal
 
Pace Holdings, Playa Hotels & Resorts close deal
14 MARCH 2017 8:52 AM

Playa’s CEO and management team will continue to run the company while TPG Partner and Pace’s president and CEO as well as other investors will join the company’s board of directors. 

FAIRFAX, Virginia, and FORT WORTH, Texas – March 13, 2017 – Pace Holdings Corp. (“Pace”) a special-purpose acquisition company sponsored by an affiliate of TPG, today announced that it has completed its business combination with Playa Hotels & Resorts (“Playa”), a leading owner, operator, and developer of premier all-inclusive resorts. With the closing of this transaction, the combined company is named Playa Hotels & Resorts and its ordinary shares and warrants will trade on NASDAQ under the ticker symbols PLYA and PLYAW respectively beginning on Monday, March 13, 2017.

On December 13, 2016, Pace and Playa entered into a definitive transaction agreement. The transaction was approved by the shareholders of Pace on March 1, 2017, with over 99 percent of the voted shares voting in favor of the business combination. Pace’s board of directors had previously approved the business combination and recommended that its shareholders vote in favor of the proposal. The transaction immediately significantly strengthens Playa’s balance sheet by fully redeeming its preferred shares, and also provides significant additional capital for growth.

As previously announced, Playa CEO and Chairman Bruce Wardinski and his management team will continue to run the combined company. In connection with the closing of the transaction, TPG Partner and Pace President and CEO Karl Peterson has been appointed to the company’s board of directors. He is joined by Paul Hackwell, an investor in TPG’s Travel & Leisure and Retail Group, and Tom Klein, the former President, CEO, and member of the board of directors of Sabre Corporation. Other members of the board of directors include Stephen Haggerty, Daniel Hirsch, Hal Stanley Jones, Elizabeth Lieberman, Stephen Millham, Arturo Sarukhan.

Playa will release its 2016 financial and operating results on Tuesday, March 14, 2017 after the market closes. Playa will host a conference call to discuss its 2016 results on March 15, 2017 at 10:00 a.m. ET (Eastern Time). The conference call can be accessed by dialing (866) 393-5826 for domestic participants and (954) 320-0070 for international participants. The conference ID number is 80776088.

Additionally, interested parties may listen to a taped replay of the entire conference call commencing two hours after the call has been completed. This replay will run through Thursday, March 30, 2017. The access number for a taped replay of the conference call is (855) 859-2056 or (404) 537-3406 using the same conference ID number. There will also be a webcast of the conference call accessible on the company’s investor relations website at www.investors.playaresorts.com.

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