ETF News

Rental management firm Vacasa to merge with TPG-backed SPAC in $4.5 bln deal

July 29 (Reuters) - Vacation rental management company Vacasa said on Thursday it plans to list on the Nasdaq 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 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, as well as on its own platform. 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; Editing by Shounak Dasgupta)