Hilton Grand Vacations strikes deal to acquire Diamond Resorts
Mar. 10, 2021 7:59 AM ETApollo Global Management, Inc. (APO)
- Hilton Grand Vacations(NYSE:HGV)acquires Diamond Resorts International from funds managed by Apollo Global Management(NYSE:APO)in a stock-based dealwith an equity value of around $1.4B.
- The company expects the deal to generate over $125M in run-rate cost synergies, expected to be achieved in the first 24 months following the closing date.
- The acquisition will add Diamond's 92 leisure resorts and nearly 400K owners to HGV's portfolio.
- "This strategic combination will leverage the strengths of each company, positioning us to drive significant Net Owner Growth while enhancing efficiencies of scale and generating significant shareholder value. Diamond’s extensive regional, drive-to network of resorts and expanded demographics uniquely complement HGV’s best-in-class lead generation, world-class hospitality, and premier destinations backed by the strength of the Hilton brand," says Hilton Vacations CEO Mark Wang.
Nobody cares about these stupid hotels. The re-open game has played out for now.
WE WANT 30% IN A DAY
BLUEBIRD BIO
Plus its got a rock solid foundation under it at $28.