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Apollo to Sell Diamond Resorts to Hilton in $1.4 Billion Deal
- Client News
- March 10, 2021
Paul, Weiss is advising funds managed by affiliates of Apollo Global Management, Inc. in the $1.4 billion stock sale of time-share company Diamond Resorts International, Inc. to Hilton Grand Vacations Inc. (HGV). Under the terms of the transaction, the Apollo funds and other Diamond stockholders, including Reverence Capital Partners, will receive 34.5 million shares of HGV common stock, subject to customary adjustments. The deal is expected to close in the summer of 2021, subject to customary closing conditions and regulatory approvals; upon closing, existing HGV shareholders will own approximately 72% of the combined company, with the Apollo funds owning the rest.
The Paul, Weiss team includes, among others, M&A partner Brian Scrivani and counsel Siu Yan Lin; financing partners Gregory Ezring, Brian Kim and Robert Zochowski and counsel Sophia Xuan Gui and Mikhel Schecter; investment funds partner Matthew Goldstein; tax partner Brad Okun; intellectual property partner Claudine Meredith-Goujon; executive compensation partner Lawrence Witdorchic and counsel Uri Horowitz and Nicole Tark; litigation partner Lewis Clayton; and real estate partner Peter Fisch.