Hilton Grand Vacations Inc. entered into a definitive agreement to acquire Bluegreen Vacations Holding Corporation from a group of shareholders for $1.3 billion.
The transaction is subject to Bluegreen's stockholder approval, any waiting period under Hart-Scott-Rodino Antitrust Improvements Act of 1976 shall have been expired or terminated, regulatory approvals, and customary closing conditions. Concurrently, the key stockholders of Bluegreen have entered into a voting and support agreement to vote in favor of the transaction. The transaction was unanimously approved by the Board of Directors for both companies and is expected to close during the first half of 2024.
BofA Securities is acting as financial advisor and Alston & Bird LLP, Jonathan Corsico of Simpson Thacher & Bartlett LLP and Foley & Lardner LLP, are acting as legal counsel to Hilton Grand. Credit Suisse Securities (USA) LLC and Wells Fargo are acting as financial advisors and Alison W. Miller of Stearns, Weaver, Miller is acting as legal counsel to Bluegreen Vacations. Credit Suisse Securities (USA) LLC acted as fairness opinion provider to to Bluegreen in the transaction.