June 30, 2016
Diamond Resorts International Inc. has entered into an agreement and plan of merger with Apollo Global Management, LLC. The transaction, expected to close within the next few months, is valued at $30.25 per share, or approximately $2.2 billion. The transaction will be completed through an all-cash tender offer.
Once the transaction closes, Diamond Resorts will become a privately-held company, with no common shares listed on any public market. Resort and hospitality owner, Diamond Resorts, offers “membership programs” to vacation destinations throughout the United States and the world.
“We have built a solid business focused on operational excellence, hospitality, and customer satisfaction, the result of which has been stellar financial results and strong cash generation,” said David Palmer, Diamond Resorts’ CEO.