Vacasa to Go Public in $4.5 Billion SPAC Merger on Heels of Vacation Rentals Surge
Photo Credit: A view of a three-bedroom vacation rental in Idyllwild, California, that's available for booking via Vacasa. Vacasa
Skift Take
Vacasa has reached a remarkable milestone with its plan to go public, having parlayed the booming interest in vacation rentals during the pandemic. Yet the full-service property management sector is crowded, and going public is only the start of the journey.
Vacasa, the largest full-service vacation rental property management company in the U.S., said on Thursday it planned to merge with blank check company TPG Pace Solutions.
The transaction is set to give Vacasa, a startup based in Portland, Oregon, an equity value of $4.5 billion. The deal is expected to lead to its public listing on the New York stock exchange under the ticker symbol VCSA.
Vacasa's merger with the special-purpose acquisition company (SPAC) is set to close "as soon as practicable," according to a statement. CEO Matt Roberts will continue to lead the company. The combined company forecasts it will have $485 million in gross cash proceeds. A private investment in public equity, or PIPE, transaction, and a forward purchase agreement will contribute about $200 million to the deal.
Vacasa has disclosed raising $634.5 million in private equity funding — more than any other startup of its category. Private equity firms Silver Lake, Riverwood Capital, Level Equity
