TPG Pace Tech Opportunities II, a blank check company formed by TPG Pace Group targeting the tech industry, withdrew its plans for an initial public offering on Friday. It had filed in March 2021 to raise $450 million by offering 45 million shares at $10. The company did not plan to offer warrants.
The company was set to be 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, who previously was the CFO of StubHub and served as a Managing Director at Morgan Stanley prior to that.
TPG's other SPACs include April 2021 IPO TPG Pace Beneficial II (YTPG); April 2021 IPO TPG Pace Solutions, which merged with Vacasa (VCSA) in December 2021; October 2020 IPO TPG Pace Beneficial Finance (TPGY), which terminated its merger agreement with EVBox Group in December 2021; October 2020 IPO TPG Pace Tech Opportunities, which merged with Nerdy (NRDY) in September 2021; and June 2017 IPO TPG Pace Holdings, which completed its acquisition of Accel Entertainment (ACEL) in November 2019.
The Fort Worth, TX-based company was founded in 2021 and had planned to list on the NYSE under the symbol TPGT. Deutsche Bank, J.P. Morgan, and Goldman Sachs were set to be the joint bookrunners on the deal.
