Stockholders to vote on ILG and Marriott merger
ILG and Marriott Vacations Worldwide have announced that each will separately hold a special meeting on 18 August 2018 when their stockholders will vote on the previously announced proposed merger.
Marriott Vacations Worldwide will hold its meeting at the Renaissance Orlando at SeaWorld, 6677 Sea Harbor Drive, Orlando, FL, while the ILG meeting will take placeat its corporate offices at 6262 Sunset Drive Miami, FL.
Stockholders of record in each company, at the close of business on 13 July 2018, will be entitled to receive notice of the special meeting and to vote at the special meeting.
The parties currently expect closing to occur on the third business day after the satisfaction or waiver of all of the conditions to closing, including receipt of ILG stockholder approval and Mexican anti-trust approval.
If all goes as expected and the merger is completed, MVW will become the leading upper-upscale and luxury vacation ownership and exchange company in the world, with more than 100 vacation properties around the world and approximately 650,000 owners. In addition, it will provide:
- Exclusive access to the world-class customer loyalty programmes of Marriott International and Hyatt for vacation ownership
- Global licensee of seven upper-upscale and luxury vacation brands including Marriott Vacation Club, Grand Residences by Marriott, Ritz-Carlton Destination Club, Sheraton Vacation Club, Westin Vacation Club, St. Regis Residence Club and Hyatt Residence Club
- Premier exchange networks, including Interval International and Trading Places International, with nearly two million members and over 3,200 resorts worldwide
The combined company will have pro-forma revenues of $2.9 billion and a diversified and complementary platform with significant contribution from recurring and fee-based revenue streams. It is expected to be accretive to MVW’s adjusted earnings per share within the first year after close, with annual run-rate cost savings of at least $75 million within two years following the close.