Published Nov 06, 2023 07:45AM ET Updated Nov 06, 2023 10:21AM ET
© Reuters.
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By Aatreyee Dasgupta and Kannaki Deka
(Reuters) -Vacation property operator Hilton Grand Vacations (NYSE: ) said on Monday it would buy peer Bluegreen Vacations (NYSE: ) in a $1.5 billion deal including debt, to get more customers for its timeshares and expand its offerings.
Under the deal terms, shareholders of Bluegreen Vacations will get $75 in cash for each share held, more than double the stock’s closing price on Friday, valuing the company at $1.28 billion.
The deal comes at a time when high inflation is beginning to weigh on domestic travel in the United States, following a surge in demand when COVID-related lockdowns were lifted.
Both Hilton Grand and Bluegreen Vacations market and sell timeshares, or vacation ownership interests – a model where multiple owners have exclusive use of a property for a period of time.
Hilton Grand to buy Bluegreen Vacations in $1.5 billion deal
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