KUALA LUMPUR (June 24): Genting Ventures investee PLAYSTUDIOS Inc and blank-cheque company Acies Acquisition Corp have completed their business combination and that trading of shares and warrants in the combined entity under the name PLAYSTUDIOS on the US’ Nasdaq began on Tuesday (June 22).
Mobile games developer PLAYSTUDIOS said the business combination was approved at a special meeting for Acies’ shareholders last Thursday (June 17) and that the combined company changed its name to PLAYSTUDIOS.
“With approximately US$220 million (about RM916.48 million) in cash, PLAYSTUDIOS is poised to accelerate the company’s growth initiatives, which include substantially expanding product development and acquisitions of other gaming and related companies,” PLAYSTUDIOS said.
PLAYSTUDIOS founder, chairman, and chief executive officer Andrew Pascal said in the statement that as PLAYSTUDIOS enters this new chapter in the company’s history, the firm is uniquely positioned to accelerate its growth within the robust gaming 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 programme,” Pascal said.
According to the statement, JP Morgan and LionTree Advisors acted as financial advisers to PLAYSTUDIOS while Davis Polk acted as the company’s legal adviser.
Morgan Stanley acted as capital markets adviser to Acies while Latham & Watkins LLP acted as its legal adviser, the statement said.
JP Morgan, LionTree Advisors, Morgan Stanley, and Oppenheimer & Co acted as placement agents for the private investment in public equity scheme involving PLAYSTUDIOS and Acies, according to the statement.
Meanwhile, Genting Ventures’ website indicated that the company is the corporate venture arm of casino and hotel operator Genting Group.
“We invest in early growth stage start-ups with disrupting technologies that are synergistic to the group’s core businesses,” Genting Ventures said.
