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PACE - Pace Holdings News Story

$10.38 0.0  0.1%

Last Trade - 10/03/17

Sector
Financials
Size
Micro Cap
Market Cap £n/a
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Position in Universe th / 6846

UPDATE 1-Playa Hotels to be bought by TPG-backed firm

Tue 13th December, 2016 1:01pm
(Adds details) 
    Dec 13 (Reuters) - A blank-check company backed by private 
equity firm TPG, Pace Holdings Corp  PACEU.O , is buying resort 
owner Playa Hotels & Resorts BV, creating a publicly listed firm 
with an enterprise value of about $1.75 billion, the companies 
said. 
    Playa owns and operates 13 resorts in Mexico, the Dominican 
Republic and Jamaica, under brands including The Royal and Gran. 
The company also operates six Hyatt Hotels  H.N  resorts in 
Mexico and Jamaica.  urn:newsml:reuters.com:*:nBw47Sstba 
    The combined company will retain the Playa name and will 
continue to be led by Playa Chief Executive Bruce Wardinski. 
    The deal, expected to close in the first quarter of 2017,  
will provide $500 million of capital to Playa, allowing it to 
strength its balance sheet, pursue acquisitions, and enhance 
distribution, the companies said. 
 
 (Reporting by Ankit Ajmera in Bengaluru; Editing by Anil 
D'Silva and Saumyadeb Chakrabarty) 
 ((ankit.ajmera@thomsonreuters.com; within U.S. +1 646 223 8780, 
outside U.S. +91 80 6749 3067; Reuters Messaging: 
ankit.ajmera.thomsonreuters.com@reuters.net)) 
 
Keywords: PLAYA HOTELS & RESORTS M&A/PACE HOLDINGS (UPDATE 1
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