Skift Take

Omicron won't deter Vacasa's debut as a publicly traded company as it takes advantage of the pandemic-era surge in vacation rental growth.

Vacasa completed its merger with TPG Pace Solutions Monday, and was slated to begin trading on the Nasdaq stock exchange Tuesday with more than $340 million in gross proceeds to accelerate growth, the company announced.

With the blank check merger complete, after being approved by TPG Pace Solutions shareholders November 30, the largest property management company in the North America is slated to begin trading under the ticker symbol VCSA. Vacasa and TPG announced in July that they would merge in a special purpose acquisition company deal valued at the time at $4.5 billion.

“The closing of our business combination and imminent public listing marks another important milestone not only for Vacasa and its employees, but our homeowners, guests, channel partners, and the broader vacation rental industry,” said Matt Roberts, CEO of Vacasa, in a statement. “Funds from the over $340 million of gross proceeds provided by the transaction will enable us to help accelerate our execution on our long-term business plan of further enhancing our technology capabilities and products, adding more homes to our platform, and improving the vacation rental experience for all stakeholders.”

The company announced Monday that former Tripadvisor Chief Marketing Officer Barbara Messing, who currently serves as chief marketing & people officer at Roblox, would join the Vacasa board along with TPG Solutions chairman Karl Peterson.

Since its founding in 2009, Vacasa has raised $634.5 million in funding while TurnKey, which it acquired in April, attracted some $120 million, according to Crunchbase. 

Vacasa paid $618.8 million to acquire rival property management company TurnKey Vacation Rentals, with the vast majority of it transacted in Vacasa common stock.

In the deal, which closed in April, Vacasa paid TurnKey just $45 million in cash, and issued $573.8 million in Vacasa common stock to consummate the transaction.

Vacasa said it manages more than 35,000 vacation rentals in North America, Belize, and Costa Rica.

Vacasa said Monday it has updated its full-year 2021 revenue guidance by more than $100 million since announcing in July its intent to go public.

Correction: Vacasa will trade on Nasdaq, not the New York Stock Exchange as initially reported.

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Tags: alternative accommodations, ipo, mergers and acquisitions, spacs, vacasa, vacation rentals

Photo credit: Vacasa debuted on the New York Stock Exchange December 7, 2021. A Vacasa-managed vacation rental in Casa Vista Verde, Uvita, Puntarenas, Costa Rica. Vacasa

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