Apollo Global to buy Diamond Resorts for $2.2 billion

Apollo Global to buy Diamond Resorts for $2.2 billion

Diamond Resorts International Inc said it agreed to be bought by private equity firm Apollo Global Management LLC for about $2.2 billion.
Apollo Global's offer of $30.25 per share in cash represents a premium of about 26 percent to Diamond Resorts' closing stock price on Tuesday.
The Las Vegas-based company's shares rose to $30.00 in morning trading, just shy of the offer price.

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The deal follows a series of mergers in the hospitality industry this year.

Marriott International Inc offered to buy Starwood Hotels & Resorts Worldwide Inc after China's Anbang Insurance Group said it abandoned its $14 billion bid for the Sheraton and Westin hotels operator.
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In April, HNA Tourism Group, a division of Chinese aviation and shipping conglomerate HNA Group, agreed to buy Carlson Hotels, the owner of the Radisson hotel chain.

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Diamond Resorts, which has a network of 379 vacation destinations in 35 countries, said in February it was exploring strategic alternatives and had retained Centerview Partners LLC as financial adviser.
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Diamond Resorts' common shares will no longer be listed publicly after the closure of the acquisition by Apollo Global.
Apollo Global had a total of $170 billion assets under management as of Dec. 31, including about $11 billion in real estate.
Barclays Capital and RBC Capital Markets LLC advised Apollo Global.

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