Playstudios Inc., an online game operator backed by MGM Resorts International, will go public through a $1.1 billion merger with a special purpose acquisition company, Acies Acquisition Corp. (ACAC). Upon the closing of the transaction, the combined company will be named Playstudios and remain listed on Nasdaq under the new ticker symbol "MYPS."
Consideration to Playstudios will comprise at least 89.1 million shares of ACAC common stock and up to $150 million in cash. In addition, funds and accounts managed by BlackRock, ClearBridge Investments, Neuberger Berman Funds, and MGM Resorts International are leading participants in the $250 million PIPE, at a price of $10.00 per share of common stock of Acies immediately prior to the closing of the transaction.
Playstudios is led by Founder, Chairman, and Chief Executive Officer Andrew Pascal, who will continue to lead the combined company along with his current founder-led management team. Pascal will remain a significant equity participant in the company.
Upon the closing of the deal, existing Playstudios shareholders are expected to own 64% of the combined company, the Acies sponsors are expected to own 3% of the combined company, PIPE participants are expected to own 18% of the combined company, and public stockholders are expected to own 15% of the combined company.
The transaction is expected to close during the second quarter of 2021.
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