Apollo Global to Buy Diamond Resorts International for 2.2 Billion Price Tag
Diamond Resorts International Inc. DRII, +23.81% said on Wednesday it's agreed to be acquired by asset management firm Apollo Global Management. Apollo will pay $30.25 per share of Diamond Resorts in a deal valued at about $2.2 billion, according to a news release. The Wall Street Journal reported earlier the two were nearing a deal. The per-share bid represents a 26% premium over the closing price of Diamond Resorts' stock on Tuesday and a 58% premium over its closing price Feb. 24, just before the resort management company announced it would explore strategic alternatives. The transaction is expected to close in the next few months. Shares of Diamond Resorts were up more than 23% in premarket trade Wednesday.