August 7, 2018
Marriott Vacations Worldwide Corp. is raising $750 million to fund its previously announced $4.7-billion stock and cash acquisition of Miami-based ILG, Inc. The senior notes mature in 2026.
Marriott International’s timeshare and vacation homes arm plans to use the offering proceeds, as well as funds from a new $900 million credit facility, to create a luxury timeshare company with 110 locations.
Marriott Vacations Worldwide’s Stephen P. Weisz says. “Regarding the proposed transaction with ILG, I’m pleased to say that we’ve received the required regulatory approvals and, assuming all other remaining conditions are satisfied, including approval from shareholders of both MVW and ILG, we anticipate closing on the transaction on August 31, 2018.”
ILG is the global licensee for the Hyatt, Sheraton, and Westin brands in vacation ownership. Marriott Vacations Worldwide Corp.’s brands include Marriott Vacation Club, The Ritz-Carlton Destination Club, and Grand Residences by Marriott.
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