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TPG-sponsored acquisition company combining with Playa Hotels & Resorts

In a move aimed at spurring the growth of Playa Hotels & Resorts, Pace Holdings Corp., a special-purpose acquisition company formed by private equity firm TPG Capital Management LP, is combining with the all-inclusive resort owner and operator.

The new company will be publicly traded and is expected to have a roughly $1.75 billion initial enterprise value. The deal will provide the company an additional $500 million of capital. It will retain the Playa name and will continue to be managed by Playa's current management team, including Chairman and CEO Bruce Wardinski. Pace will designate three board members, including its president and CEO, Karl Peterson.

Peterson said in a release that Playa fits the SPAC's mandate to join forces with a company that was prepared to be public and that would benefit from greater capital access and support.

Playa owns 13 all-inclusive resorts in the Caribbean and Mexico. It is also the sole franchisee of two all-inclusive brands formed in partnership with Hyatt, Hyatt Ziva and Hyatt Zilara.

BofA Merrill Lynch served as financial adviser to Playa, and its legal adviser was Hogan Lovells. Deutsche Bank Securities Inc. and Citigroup served as financial and capital markets advisers to Pace, and Weil Gotshal & Manges LLP was legal adviser.