CHICAGO--(BUSINESS WIRE)--Accel Entertainment, Inc. (“Accel” or the “Company”), a leading gaming-as-a-service provider, today issued the following statement concerning the transaction announced on June 13, 2019 between certain of its shareholders and TPG Pace Holdings Corp. (“TPG Pace”) (NYSE: TPGH, TPGH.U, TPGH.WS), a special-purpose acquisition company sponsored by an affiliate of TPG:
“On July 23, 2019, Accel shareholders holding over 58% of the Company’s outstanding shares served formal notice on the Company and all of the Company’s other shareholders (the “Drag-along Notice”) of their election to sell their shares to TPG Pace pursuant to the previously-announced Transaction Agreement, dated as of June 13, 2019, as amended on July 22, 2019, among certain Accel shareholders and TPG Pace (the “Stock Purchase”), and to exercise their drag-along rights under the Company’s Articles of Incorporation. Under the drag-along provisions of the Articles of Incorporation, all other Accel shareholders are required to sell their shares on the same terms and conditions and to take all actions as may be reasonably necessary to consummate the Stock Purchase. According to the Drag-along Notice, the transaction is expected to close within 120 days after the date of the notice.”
About Accel Entertainment
Accel Entertainment is the largest terminal operator of slot machines and amusement equipment in the Illinois video gaming market. Starting in October 2012, Accel Entertainment has been dedicated to providing top of the line care and service to over 1,700 locations and customers across the state.