TPG Pace Tech Opportunities, a blank check company formed by TPG Pace Group targeting the tech industry, raised $450 million by offering 45 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $150 million at the closing of an acquisition pursuant to forward purchase agreements with TPG and third party entities.
The company is led by Chairman Karl Peterson, a Senior Partner of TPG and Managing Partner of TPG Pace Group, the firm’s effort to sponsor special purpose acquisition companies and other permanent capital solutions for companies; and President Greg Mrva, the former CFO of StubHub. Director David Bonderman is a Founding Partner of TPG. The company plans to target a business in the technology industry that complements the experience and expertise of its management team and TPG.
TPG Pace Tech Opportunities plans to list on the NYSE under the symbol PACE.U. Deutsche Bank, J.P. Morgan, Barclays and TPG Capital BD acted as joint bookrunners on the deal.
