Hilton Grand Vacations to Acquire Diamond Resorts International | Hilton Grand Vacations to Acquire Diamond Resorts InternationalFinancial Buzz

Hilton Grand Vacations to Acquire Diamond Resorts International

Hilton Grand Vacations Inc. (NYSE: HGV) reported entry into a definitive agreement to acquire Diamond Resorts International, Inc. Managed by affiliates of Apollo Global Management, Inc. (NYSE: APO), funds managed by affiliates of Reverence Capital Partners and other Diamond stockholders with an equity value of USD 1.4 Billion.  Within the terms of agreement, the Apollo Funds and other Diamond stockholders shall receive 34.5 million shares of HGV common stock, subject to customary adjustments. 

“I’m excited to announce our transformational agreement to add Diamond Resorts to the Hilton Grand Vacations family, accelerating our next phase of growth,” said Mark Wang, president and CEO of Hilton Grand Vacations. “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. For our valued team members, owners and guests, this combination creates new opportunities to provide exciting destinations and memorable vacation experiences while continuing to provide exceptional levels of service.”

The transaction was unanimously approved by the Board of Directors for both companies and is expected to close in the summer of 2021. 

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