Game developer Playstudios Inc. is in talks with a special purpose acquisition company, joining a stampede of businesses that are leaning on SPACs to go public, according to people familiar with the matter.
Playstudios is discussing a deal with Acies Acquisition Corp, a SPAC that counts former MGM Resorts International Chief Executive Officer Jim Murren as its chairman, said the people, who asked not to be identified because the deliberations are private.
The transaction is set to value the combined entity at $1 billion or more and could be announced in coming weeks, one of the people said. As with all deals that aren’t yet finalized, it’s possible that terms could change or talks could fall apart.
Representatives for Acies and Playstudios declined to comment. Acies
Acies shares were up 6% to $11.59 at 7:39 a.m. Wednesday in New York.
Playstudios, which makes gambling-themed games such as myVegas Slots and myVegas Blackjack, is backed by casino giant MGM. Users of its playAwards loyalty program can redeem points at more than a dozen MGM properties, including the Bellagio, Aria, MGM Grand, Luxor and Mandalay Bay.
The rewards are good for free rooms, meals and and other perks.
Other investors in Las Vegas-based Playstudios include Icon Ventures, Incendium Captial and DCM Captial.