U.S. timeshare operator Hilton Grand Vacations Inc said on Wednesday it would buy Diamond Resorts International Inc for about $1.4 billion, as the hospitality industry readies for a recovery from the COVID-19 pandemic blow.

HGV, spun out of Hilton Worldwide in 2017, will buy the Las Vegas-based Diamond Resorts from funds managed by affiliates of Apollo Global Management Inc, Reverence Capital Partners and others in an all-stock deal.

Apollo Funds and other Diamond stockholders will get 34.5 million shares of Hilton Grand Vacations’ common stock, subject to customary adjustments, as per the deal.

Diamond Resorts had been bought by Apollo Global Management for about $2.2 billion in 2016.

Read more at Reuters

By Subrat Patnaik, Akanksha Rana, Arathy S Nair, Shailesh Kuber and Sriraj Kalluvila

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