PlayStudios and Acies Acquisition Corp. announce partnership
The deal was completed after stakeholders agreed to the move.
Acies Acquisition Corp, a special purpose acquisition company targeting live events, family entertainment and casino gaming, will combine with PlayStudios this week.
PlayStudios, founded in 2011 and based in Las Vegas, is a mobile and casino games production company known for creating free-to-play games.
Beginning on June 22, the combined company will begin trading on the Nasdaq under the symbols ‘MYPS’ and ‘MYPSW’.
With around $220m in funds, this new combined company will work to sustainably expand product development and continue acquisitions of gaming and gambling companies.
Founder and CEO of PlayStudios, Andrew Pascal said: “As PlayStudios enters this exciting new chapter in our history, we are uniquely positioned to accelerate our growth within the robust games market. Our listing on Nasdaq is a testament to the enormous opportunity ahead of us as we leverage our strengthened capital position and institutional support to launch new products, pursue new acquisition opportunities, and scale up our unique PlayAwards loyalty program.”
The newly combined company has received an enterprise valuation at 2.5 times its projected revenue for 2022, or $435m. This puts PlayStudios enterprise valuation at $1.1bn.
Acies’ management consists of co-CEOs Edward King and Dan Fetters, former MDs at Morgan Stanley, as well as chairman Jim Murren (pictured), former MGM Resorts International CEO.
This close relationship with MGM is reflected in PlayStudios’ loyalty point system, which allows players to redeem points earned at MGM venues. These venues include Aria, Bellagio and Mandalay Bay on the Las Vegas Strip. An estimated $500m worth of points has been given to players since the company’s founding.
As revealed in the disclosed terms of transaction, PlayStudios shareholders will own 64% of the combined business with Acies sponsors holding 3%. PIPE participants will own 18% and public stockholders 15%.
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