Illinois video gaming terminal provider Accel Entertainment completed its merger with TPG Pace Holdings Corp. last week, gaining a listing on the New York Stock Exchange and a business partner with the financial backing to expand its presence in the growing Midwest gaming market.
PTG Pace Holdings, a special-purpose acquisition company sponsored by an affiliate of TPG, has been renamed Accel Entertainment and began trading on the New York Stock Exchange under the ticker symbol ACEL, effective November 21.
On June 13, TPG Pace and Accel Entertainment entered into a definitive business combination agreement. The transaction was approved by more than 98 percent of shareholders of TPG Pace on November 15. Its board of directors had previously approved the business combination and recommended that its shareholders vote in favor of the proposal. With the closing of this transaction, Accel becomes a leading pure-play listed company focusing on gaming-as-a-service.
“We sought to sponsor the listing of an exciting growth company, and with today’s closing we have done exactly that,” said Karl Peterson, chairman of Accel Entertainment. “We look forward to working closely with Andy (Rubenstein) and the Accel team to execute the next phase of our business strategy as a leading pure-play publicly listed gaming-as-a-service provider.”
Andy Rubenstein, co-founder, president and CEO of Accel Entertainment, stated, “This transaction is an important milestone for Accel and our mission of being the partner of choice for local businesses who want to offer gaming to their customers. It’s an exciting time for Accel Entertainment, and I look forward to working with Karl and his team as we pursue the next chapter of our story.”
As previously announced, Accel’s management team, led by Rubenstein, will continue to lead the company. With the closing of the transaction, all previously announced Accel board members have been approved and their positions have taken effect.
