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Diamond Resorts to Be Acquired by Funds Affiliated With Apollo
- Client News
- June 29, 2016
As reported by The Wall Street Journal, Bloomberg and other media outlets, Diamond Resorts International, Inc. announced on June 29 that it has agreed to be acquired by affiliates of funds managed by Paul, Weiss client Apollo Global Management, LLC for $30.25 per share, or approximately $2.2 billion. The all-cash offer represents a premium of approximately 26 percent over Diamond Resorts' closing share price on June 28. Diamond Resorts' board of directors has approved and adopted the merger agreement and recommends that the company's shareholders tender their shares in the offer. The transaction, which is expected to close over the next few months, will result in Diamond Resorts becoming a privately held company.
The Paul, Weiss team acting as legal advisor to Apollo included, among others, corporate M&A associate Daniel Mun. The Financing team included, among others, corporate partners Brian Kim, Robert Zochowski and Gregory Ezring and counsel Ryan McNaughton. The Tax team included tax partner Brad Okun. The Investment Funds team included corporate partner Michael Hong and counsel Lisa Koff. The Employee Benefits team included employee benefits partner Lawrence Witdorchic. The Regulatory team included litigation partner Roberto Gonzalez and counsel Peter Jaffe. The Litigation team included litigation partner Lewis Clayton. The Intellectual Property team included corporate partner Claudine Meredith-Goujon. The Real Estate team included real estate partner Mitchell Berg.