TPG Pace closes business combination deal with Accel Entertainment

Date: 2019-11-22   Author: Pankaj Singh  Category: #news

TPG Pace closes business combination deal with Accel Entertainment

U.S. headquartered equity company, TPG Pace Holdings Corp. recently announced the completion of its earlier stated business arrangement with a leading gaming-as-a-service provider, Accel Entertainment, Inc.  

For the record, TPG Pace and Accel Entertainment entered into a business agreement on June 13, 2019. The deal received a nod from over 98% of stakeholders of TPG Pace on 15 November 2019. Earlier, the business amalgamation was approved by the Board of Directors who had suggested the shareholders to vote in favor of the proposal.

Apparently, with the closing of the deal, Accel has become a prominent pure-play listed company primarily focused on gaming-as-a-service.   

Chairman of Accel Entertainment, Karl Peterson was reportedly quoted stating that while working with the Accel team, the company is looking forward to executing the second phase of their business strategy as a recognized pure-play publicly listed gaming service provider.   

Reportedly, the management team of Accel will continue to be led by the Co-founder and CEO Andy Rubenstein. With to the completion of the transaction, all the members of Accel Board have been announced and designated with positions.

The Accel board comprises of the chairman of the board- Karl Peterson, Accel Co-founder and CEO – Andy Rubenstein, Co-founder of Accel- Gordon Rubenstein, CEO and Managing Director of Clairvest Group Inc. – Ken Rotman, Founder and Chairman Emeritus of Belgravia Group- David Ruttenberg, VP, Operations at Zeus Living- Eden Godsoe and former CFO and Chief Legal Officer at Zillow Group – Kathleen Philips.

Post-closing, the company has been renamed to Accel Entertainment and from the 21 November, the company will commence trading on the New York Stock Exchange under the ticker name ACEL.

About Accel

Accel is a leading operator of amusement equipment and slot machines across the Illinois video gaming market. The company was established in October 2012 and has ever since aimed at rendering superior quality of care and services to over 2,200 locations and customers across the region.

 

Source Credits: https://www.businesswire.com/news/home/20191120005933/en/TPG-Pace-Holdings-Accel-Entertainment-Announces-Closing



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Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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