Hilton Grand Vacations Completes Acquisition of Bluegreen Vacations
17 Gennaio 2024 - 3:15PM
Business Wire
Hilton Grand Vacations Inc. (NYSE:HGV) (“HGV” or “the Company”)
today announced that it has completed the previously disclosed
acquisition of Bluegreen Vacations. The all-cash transaction, with
total consideration of approximately $1.5 billion, inclusive of net
debt, broadens HGV’s offerings, customer reach and sales locations,
creating a premier vacation ownership and experiences company.
“I’m thrilled to welcome Bluegreen Vacations to the HGV family,
uniting two highly complementary businesses to further scale and
diversify our best-in-class offering,” said Mark Wang, president
and CEO of Hilton Grand Vacations. “This combination adds
approximately 200,000 members and expands our resort portfolio to
nearly 200 properties in 14 new geographies and eight new states.
The addition of exciting new outdoor destinations and world-class
strategic partnerships, including Bass Pro Shops and NASCAR,
transforms our business from a leader in the vacation ownership
industry to a premier vacation ownership and experiences company
that builds on our legacy of adventure, innovation and exploration.
Together, we have the opportunity to offer our members and guests
access to even more memorable vacations and experiences, while
enhancing our ability to drive long-term shareholder value.”
In addition to the strategic benefits anticipated from scale and
expanded lead generation, the combination unlocks additional upside
by leveraging the infrastructure developed as part of HGV’s recent
business evolution, including the successful launch of its Hilton
Vacation Club brand, the expanded access provided through its HGV
Max membership and the HGV Ultimate Access experiential events
platform.
The transaction is adjusted free cash flow accretive and is
expected to generate approximately $100 million in run-rate cost
synergies in the first 24 months following close. The combination
also supports higher free cash flow conversion and enhances HGV’s
base of recurring EBITDA.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a
leading global timeshare company and is the exclusive vacation
ownership partner of Hilton. With headquarters in Orlando, Florida,
Hilton Grand Vacations develops, markets, and operates a system of
brand-name, high-quality vacation ownership resorts in select
vacation destinations. Hilton Grand Vacations has a reputation for
delivering a consistently exceptional standard of service, and
unforgettable vacation experiences for guests and more than 700,000
Club Members. Membership with the Company provides best-in-class
programs, exclusive services and maximum flexibility for our
Members around the world. For more information, visit
www.corporate.hgv.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements convey management’s
expectations as to the future of HGV, and are based on management’s
beliefs, expectations, assumptions and such plans, estimates,
projections and other information available to management at the
time HGV makes such statements. Forward-looking statements include
all statements that are not historical facts, and may be identified
by terminology such as the words “outlook,” “believe,” “expect,”
“potential,” “goal,” “continues,” “may,” “will,” “should,” “could,”
“would,” “seeks,” “approximately,” “projects,” “predicts,”
“intends,” “plans,” “estimates,” “anticipates,” “future,”
“guidance,” “target,” or the negative version of these words or
other comparable words, although not all forward-looking statements
may contain such words. The forward-looking statements contained in
this press release include statements related to HGV’s revenues,
earnings, taxes, cash flow and related financial and operating
measures, and expectations with respect to future operating,
financial and business performance and other anticipated future
events and expectations that are not historical facts, including
related to the transaction between HGV and Bluegreen Vacations.
HGV cautions you that our forward-looking statements involve
known and unknown risks, uncertainties and other factors, including
those that are beyond HGV’s control, which may cause the actual
results, performance or achievements to be materially different
from the future results. Any one or more of these risks or
uncertainties, including those related to the transaction between
HGV and Bluegreen Vacations, could adversely impact HGV’s
operations, revenue, operating profits and margins, key business
operational metrics, financial condition or credit rating. For a
more detailed discussion of these factors, see the information
under the captions “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in HGV’s
most recent Annual Report on Form 10-K, which may be supplemented
and updated by the risk factors in HGV’s quarterly reports, current
reports and other filings HGV makes with the SEC. HGV’s
forward-looking statements speak only as of the date of this
communication or as of the date they are made. HGV disclaims any
intent or obligation to update any “forward-looking statement” made
in this communication to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results over time.
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version on businesswire.com: https://www.businesswire.com/news/home/20240116125892/en/
Investor: Mark Melnyk 407-613-3327 mark.melnyk@hgv.com
Media: Lauren George 407-613-8431 lauren.george@hgv.com
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