Playa gets capital injection, culls IPO plans

Playa gets capital injection, culls IPO plans

Mexico Caribbean Jamaica Equity M&A

Playa Hotels & Resorts said it will receive a $500m capital increase from Pace Holdings and void its earlier plans to conduct an IPO.Pace, a special purpose vehicle from private equity firm TPG, and Playa will form a new entity called Porto Holdco after the investment.Approximately $50m of the capital increase comes from two institutional investors and members of Pace management, Playa said in a statement. The balance will be held in Pace’s trust account until the transaction receives approv

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