Marriott Vacations completes acquisition of ILG
Marriott Vacations Worldwide has completed its previously announced acquisition of ILG, Inc., a provider of professionally delivered vacation experiences.
As consideration for the acquisition, ILG shareholders received $14.75 in cash and 0.165 shares of Marriott Vacations Worldwide common stock for each share of ILG common stock. Marriott Vacations Worldwide (MVW) paid approximately $4.6 billion in aggregate consideration.
Stephen P. Weisz, MVW’s president and chief executive officer, said: “I couldn’t be more excited for the future of our company and the more than 23,000 associates we now have around the world.
“Both Marriott Vacations Worldwide and ILG have always shared a mutual commitment to vacation ownership, and I am confident that the combined company is poised to create even more exceptional vacation experiences for our owners, members and guests, as well as more value for our stockholders. I welcome all new associates and their respective businesses to our Marriott Vacations Worldwide family.”
MVW now offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. The company has more than 100 resorts and nearly 650,000 owners and members in a diverse portfolio that includes seven vacation ownership brands.
The combined company will be the global licensee of seven upper-upscale and luxury vacation brands, including Marriott Vacation Club, Grand Residences by Marriott, The Ritz-Carlton Destination Club, Sheraton Vacation Club, Westin Vacation Club, St. Regis Residence Club and Hyatt Residence Club.
The combined company also includes exchange networks and membership programmes, as well as management of more than 200 other resorts and lodging properties. The company says it aims to focus on enhancing its ability to provide a wider variety of vacation products and options to fit a broader range of consumer needs.
In conjunction with the completion of the acquisition, Marriott Vacations Worldwide’s Board of Directors has increased from eight to 10 members, with the addition of two former members of ILG’s Board – Lizanne Galbreath and Stephen R. Quazzo.