The $30.25-a-share cash offer for the Las Vegas-based company is 58 percent more than Diamond Resorts’ closing share price on Feb. 24, when the company said it was exploring strategic options, according to a statement Wednesday.
“We look forward to bringing Apollo’s resources to bear and working with the Diamond Resorts team to continue to grow and enhance their business,” David Sambur, an Apollo partner, said in the statement.
Apollo has been on a dealmaking spree this year, announcing three other acquisitions valued at more than $1 billion since the start of February. The firm agreed in March to buy grocer The Fresh Market Inc. for about $1.4 billion in cash, following the $1.1 billion buyout of Apollo Education Group Inc. and the purchase of home-security monitoring company ADT Corp. for about $6.9 billion.
Diamond Resorts rose 24 percent to $29.77 at 9:44 a.m. New York time. The shares had fallen 23 percent in the year through Tuesday. The company manages more than 420 resort properties in 35 countries and sells timeshares through its Vacations for Life program.
Centerview Partners advised Diamond Resorts. Barclays, Royal Bank of Canada and Jefferies are providing financing for the purchase, according to the statement. PSP Investments Credit USA LLC also is providing debt financing.
(Updates with share trading in fifth paragraph.)
To contact the reporter on this story: Hui-yong Yu in Seattle at email@example.com. To contact the editors responsible for this story: Daniel Taub at firstname.lastname@example.org, Christine Maurus
©2016 Bloomberg L.P. This article was written by Hui-yong Yu from Bloomberg and was legally licensed through the NewsCred publisher network.