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OFFON

EXPEDIA GROUP, INC.

(EXPE)
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Vacation rental firm Vacasa to merge with TPG-backed SPAC in $4.5 bln deal

07/29/2021 | 06:14pm EDT

July 29 (Reuters) - Vacation rental management company Vacasa said on Thursday it plans to go public through a merger with a blank-check firm backed by private equity giant TPG, in a deal that gives Vacasa an equity valuation of $4.5 billion.

The deal with TPG Pace Solutions Corp, a special purpose acquisition company (SPAC), will result in cash proceeds of nearly $485 million for Vacasa.

Founded in 2009, Vacasa lists, cleans and manages homes on sites such as Airbnb Inc and Expedia Group-owned Vrbo , as well as on its own marketplace.

The company reported $492 million in revenue in 2020, 64% year-over-year growth, as vacation rental becomes more popular during the pandemic when people work remotely and move away from big cities.

Chief executive Matt Roberts said the company plans to use the proceeds to invest in technology to develop innovative products and expand selections of properties in more vacation destinations in the United States.

Vacasa's investors include Silver Lake and Riverwood Capital.

SPACs are special purpose acquisition companies that use money raised through an initial public offering to take a private company public.

On closing of the deal, Vacasa will trade under the symbol "VCSA". (Reporting by Niket Nishant in Bengaluru and Krystal Hu in New York; Editing by Shounak Dasgupta and Sandra Maler)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIRBNB, INC. 1.07% 168.15 Delayed Quote.13.30%
EXPEDIA GROUP, INC. -0.76% 150.17 Delayed Quote.14.29%
SILVER -4.06% 22.906 Delayed Quote.-9.47%
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Analyst Recommendations on EXPEDIA GROUP, INC.
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Financials (USD)
Sales 2021 8 349 M - -
Net income 2021 -642 M - -
Net Debt 2021 2 821 M - -
P/E ratio 2021 -33,7x
Yield 2021 -
Capitalization 22 822 M 22 822 M -
EV / Sales 2021 3,07x
EV / Sales 2022 2,15x
Nbr of Employees 19 100
Free-Float 49,1%
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Mean consensus OUTPERFORM
Number of Analysts 31
Last Close Price 151,32 $
Average target price 179,88 $
Spread / Average Target 18,9%
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Managers and Directors
Peter M. Kern Vice Chairman & Chief Executive Officer
Eric M. Hart Chief Financial & Strategy Officer
Barry Charles Diller Chairman
Tucker Moodey President-Retail Product & Technology
Rathi Murthy CTO & President-Expedia Services
Sector and Competitors