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
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
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
(Reporting by Niket Nishant in Bengaluru and Krystal Hu in New
York; Editing by Shounak Dasgupta and Sandra Maler)