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Apollo Global Management will shell out $2.2B for a struggling timeshare company this year.
The all-cash deal is expected to close within a few months with capital pulled from Apollo’s private equity fund—Apollo Investment Fund VIII, PERENews reports.
The firm paid a 23% premium for Diamond Resorts International, or $30.25/share. Diamond owns 420 timeshare properties in 35 countries, and its shares rose 24% to $29.76/share following Wednesday’s announcement.
This isn't Apollo's first venture into the hospitality sphere; just last year it sold its waterpark operator, Great Wolf Resorts for $1.35B. As of March 31, Apollo has $173B worth of assets under management—$11B of that in real estate. [PERE]
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