PLAYSTUDIOS business combination with Acies Acquisition
Davis Polk is advising PLAYSTUDIOS, Inc. in connection with its business combination with Acies Acquisition Corp., a publicly traded SPAC, that would result in PLAYSTUDIOS becoming a public company. The combined company is expected to remain listed on the Nasdaq Stock Market. The estimated enterprise value of the combined company will be approximately $1.1 billion, and there is also a fully committed common stock PIPE for $250 million. The transaction, which has been approved by the Boards of Directors of PLAYSTUDIOS and Acies, is subject to approval by Acies’ shareholders and other customary closing conditions.
PLAYSTUDIOS is the developer and operator of award-winning free-to-play casual games for mobile and social platforms. Its collection of original and published titles is powered by the company’s playAWARDS loyalty marketing platform, which enables players to earn real-world rewards from a portfolio of global entertainment, retail, technology, travel, leisure and gaming brands across 15 countries and four continents. Acies Acquisition Corp. is a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.
The Davis Polk corporate M&A and capital markets team includes partners Alan F. Denenberg and Lee Hochbaum and associates Bryan M. Quinn, Benson Richards and Alex DeGroat. The tax team includes partner Patrick E. Sigmon and associate Rebecca A. Rosen. Counsel David Mollo-Christensen is providing executive compensation advice. Partner Pritesh P. Shah and associate Christopher C. Woller are providing intellectual property advice. Members of the Davis Polk team are based in the Northern California and New York offices.