December 13, 2016 / 12:21 PM / 7 months ago

BRIEF-Playa Hotels & Resorts, Pace Holdings announce business combination

2 Min Read

Dec 13 (Reuters) - Pace Holdings Corp

* Playa Hotels & Resorts B.V. - consideration payable to Playa shareholders will consist of co common shares and warrants to purchase co common shares

* Playa Hotels & Resorts - Playa's management team, led by chairman and CEO Bruce Wardinski, will continue to run company post-transaction

* Playa Hotels & Resorts - transaction has been unanimously approved by boards of directors of both Pace Holdings and Playa Hotels And Resorts

* Playa Hotels & Resorts and Pace Holdings Corp announce business combination

* Playa Hotels & Resorts - combined co will retain Playa name and will be a publicly listed company with an anticipated initial enterprise value of about $1.75 billion

* Playa Hotels & Resorts-in order to facilitate transaction, Pace's sponsor has agreed to cancellation of 3.75 million founder shares and 7.33 million founder warrants

* Playa Hotels & Resorts-Playa shareholders,Pace's sponsor be issued earnout warrants that will be exercisable for co shares upon achievement of certain stock price thresholds Source text for Eikon: Further company coverage:

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