Hilton Grand Vacations Inc said on Wednesday it would buy Diamond Resorts International Inc from funds managed by affiliates of Apollo Global Management Inc, Reverence Capital Partners and other stockholders in an all-stock deal for about $1.4 billion.
As per the terms of the deal, Apollo Funds and other Diamond stockholders would get 34.5 million shares of Hilton Grand Vacations’ common stock, subject to customary adjustments, reports Reuters.
Hilton Grand Vacations, which was spun out of hotel operator Hilton Worldwide Holdings Inc in 2017, said the combined company will have 720,000 owners, 154 resorts and 48 sales centers.
The deal is expected to close in the summer of this year, the company said.
BofA Securities is exclusive financial adviser for HGV. Alston & Bird LLP, Simpson Thacher & Bartlett LLP, and Foley & Lardner LLP acted as legal counsel.
Credit Suisse acted as lead financial adviser and Goldman Sachs also acted as financial adviser for Diamond, with Paul, Weiss, Rifkind, Wharton & Garrison LLP acting as legal counsel.