Hilton Grand Vacations Inc. (NYSE:HGV) today announced that its shareholders voted to approve the issuance of its common stock in connection with the proposed acquisition of Diamond Resorts International, Inc..
Of the shares voting at the meeting, 95.6% voted in favor of the proposal to issue approximately 34.5 million shares of HGV common stock to funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO), funds managed by affiliates of Reverence Capital Partners, and other Diamond stockholders. The closing of the transaction is expected to occur on Aug. 2, 2021, and remains subject to customary closing conditions.
“We are pleased that HGV shareholders overwhelmingly see value in our acquisition of Diamond,” said Mark Wang, president and CEO of Hilton Grand Vacations. “This is an important step toward completing this transformational merger, which will accelerate our growth and provide exciting opportunities for our team members, owners and guests.”
HGV and Diamond previously announced the proposed merger on March 10, 2021, pursuant to which they agreed to combine to create the largest upper upscale and luxury timeshare operator, comprised of 710,000 owners and 154 resorts and properties. Until the acquisition is formally closed, both timeshare companies will continue to operate separately.