![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Diamond Resorts International, Inc. | NYSE:DRII | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.22 | 0 | 01:00:00 |
By Matt Jarzemsky and Dana Mattioli
Apollo Global Management LLC agreed to buy Diamond Resorts International Inc. for about $2.2 billion, the timeshare resort company said Wednesday.
Diamond, based in Las Vegas, announced in February that it was working with investment bank Centerview Partners on strategic alternatives. The company has a network of more than 420 vacation destinations in 35 countries, according to its website.
News of a deal between Apollo and Diamond was first reported by The Wall Street Journal Wednesday morning.
Apollo will pay $30.25 a share for Diamond, a 26% premium over Diamond Resorts' closing share price Tuesday. Diamond shares rose 24% to $29.76 in morning trading.
It has been a busy stretch for hospitality mergers and acquisitions. Earlier this year, Marriott International Inc. agreed to buy hotel chain Starwood Hotels & Resorts Worldwide Inc. for $13.6 billion. China's Anbang Insurance Group Co. tried to break up the deal by making its own offer, costing Marriott $1 billion extra, but Anbang ultimately walked away. In April, a unit of China's HNA Group announced a deal to buy Carlson Hotels Inc., which owns Radisson and Country Inns & Suites Chains.
Apollo has a history of big bets on hospitality and leisure companies. The private-equity firm sold Great Wolf Resorts Inc. to Centerbridge Partners LP last year and holds large stakes in Norwegian Cruise Line Holdings Ltd. and Caesars Entertainment Corp., after participating in the 2008 leveraged buyouts of the two companies and later taking them public. Caesars, like Diamond Resorts, is based in Las Vegas and a major employer there.
Apollo has been one of the most active private-equity firms this year. It bought specialty grocer The Fresh Market Inc. for $1.4 billion in April and plans to buy University of Phoenix operator Apollo Education Group Inc. for $1.14 billion -- big discounts to the companies' market values a year ago.
The deal is expected to close in the next few months and is subject to regulatory approvals and customary closing conditions.
Barclays PLC and Royal Bank of Canada advised Apollo.
Austen Hufford contributed to this article
Write to Matt Jarzemsky at matthew.jarzemsky@wsj.com and Dana Mattioli at dana.mattioli@wsj.com
(END) Dow Jones Newswires
June 29, 2016 15:24 ET (19:24 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
1 Year DIAMOND RESORTS INTERNATIONAL, I Chart |
1 Month DIAMOND RESORTS INTERNATIONAL, I Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions