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Hilton Grand Vacations Completes Deal for Diamond Resorts
Hilton Grand Vacations Inc. (HGV) has completed its previously announced acquisition of Diamond Resorts International from funds managed by affiliates of Apollo Global Management, funds managed by affiliates of Reverence Capital Partners and other Diamond stockholders. First announced in March, the acquisition has an equity value of approximately $1.4 billion.
“The acquisition of Diamond Resorts further strengthens HGV’s position as an industry leader, and we are excited to welcome more than 380,000 new owners into our family,” said Mark Wang, HGV’s president and CEO. “Our combined 154 resorts and luxury properties will create the premier timeshare network for our members and guests, while positioning us to drive long-term shareholder value.”
The acquisition also diversifies HGV’s product offering and will drive revenue growth across an expanded customer demographic. The combined company is expected to generate more than $125 million in run-rate cost synergies within the first 24 months of operating.
- ◦Sale/Acquisition
