Deals
Marriott Vacations Agrees to Buy ILG for About $4.7 Billion
- ILG had been under activist pressure to merge since last year
- Deal is expected to result in annual savings of $75 million
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Marriott Vacations Worldwide Corp. agreed to buy ILG Inc. for about $4.7 billion in a stock and cash deal, creating the largest luxury brand for timeshare vacation resorts.
ILG investors will receive $14.75 in cash and 0.165 of Marriott Vacations common stock for each of their shares, the companies said in a statement Monday. The deal represents a premium of about 13 percent, based on the two companies’ closing share prices on Friday. The purchase is expected to result in $75 million of annual savings within two years.