Playa Hotels & Resorts, which owns 13 all-inclusive beach resorts in Mexico and the Caribbean, withdrew its plans for an initial public offering on Friday. In December, it announced it had entered into a merger agreement with Pace Holdings (PACEU), a special purpose acquisition company backed by TPG. The transaction value is estimated at $1.75 billion. It originally filed in September 2016 with an estimated deal size of $300 million.
The Amsterdam, Netherlands-based company was founded in 2006 and booked $481 million in sales for the 12 months ended June 30, 2016. It had planned to list on the Nasdaq under the symbol PLYA. BofA Merrill Lynch and Deutsche Bank were set to be the joint bookrunners on the deal.
