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Marriott Vacations Worldwide Acquires ILG for $4.7 Billion
- Client News
- September 6, 2018
Paul, Weiss represented timeshare operator ILG Inc. in its $4.7 billion cash-and-stock sale to Marriott Vacations Worldwide Corporation (NYSE: VAC), creating a leading global provider of premier vacation experiences. Under the terms of the agreement, ILG shareholders will receive $14.75 in cash and 0.165 shares of VAC common stock for each ILG share. Following the close of the transaction, ILG shareholders own approximately 43% of VAC’s common shares.
The combined company has more than 100 resorts and nearly 650,000 owners and members in a diverse portfolio that includes seven vacation ownership brands. The combined company will be the global licensee of seven upper-upscale and luxury vacation brands, including Marriott Vacation Club, Grand Residences by Marriott, The Ritz-Carlton Destination Club, Sheraton Vacation Club, Westin Vacation Club, St. Regis Residence Club and Hyatt Residence Club.
The Paul, Weiss team included, among others, corporate partners Scott Barshay, John Kennedy, Jordan Yarett, Gregory Ezring and Manuel Frey and counsel Kyle Seifried, Caith Kushner, Patricia Vaz de Almeida and Frances Mi; employee benefits partner Lawrence Witdorchic and counsel Jarrett Hoffman and Reuven Falik; tax partners Jeffrey Samuels and Scott Sontag and counsel Alyssa Wolpin; litigation partners Daniel Toal, Gregory Laufer, Lewis Clayton and Jaren Janghorbani and counsel Peter Jaffe; intellectual property partner Claudine Meredith-Goujon; real estate partner Mitchell Berg; antitrust counsel Marta Kelly; and environmental counsel William O’Brien.