Social game developer and MGM Resorts partner PlayStudios is in talks with special purpose acquisition company Acies Acquisition Corp. on a possible deal to take PlayStudios public through a reverse acquisition, according to unnamed sources quoted by Bloomberg.
The transaction would be valued at more than $1 billion, and could be announced in the coming weeks if negotiations are successful, the report said.
PlayStudios produces games for the myVegas Slots and myVegas Blackjack social casinos. Players who join the sites’ playAwards loyalty program can redeem points at more than a dozen MGM properties.
Acies Acquisition Corp. is headed by former MGM Resorts International CEO Jim Murren. Andrew Pascal, founder and CEO of PlayStudios and a former president of Wynn Las Vegas, is a co-founder of Acies. In October, the company raised $215 million through an initial public offering, and then set out to hunt for merger targets.
Acies shares rose 6 percent to $11.59 after disclosure of the possible PlayStudios deal.
