by Donald Wood
Last updated: 9:55 AM ET, Mon November 6, 2023
Hilton Grand Vacations Inc. has entered into a definitive
agreement to acquire Bluegreen Vacations for $75 per share in an all-cash
transaction, representing a total consideration of approximately $1.5 billion,
including net debt.
The combination will broaden Hilton Grand Vacations’
offerings, customer reach and sales locations, creating a premier vacation
ownership and experiences company.
The acquisition is also expected to expand and diversify
HGV’s lead flow through Bluegreen Vacations' world-class partnerships,
including an exclusive marketing agreement with Bass Pro Shops and its unique
base of dedicated outdoor lifestyle enthusiasts.
“I’m excited to enhance the breadth and quality of our
already best-in-class vacation ownership and experiences offering with the
announcement of our agreement to acquire Bluegreen Vacations,” Hilton Grand
Vacations CEO Mark Wang said.
“Bluegreen Vacations has a strong track record of
demonstrated organic growth, a dedicated customer base of more than 200,000
members, and boasts key lead-generating strategic partnerships that will
broaden our reach and diversify our tour flow,” Wang continued.
Expanding on Bluegreen Vacations' existing relationship, HGV
also announced that it has signed a new 10-year exclusive marketing agreement
with Bass Pro Shops.
The new partnership builds on Bluegreen Vacations' success
as the official vacation ownership partner of Bass Pro Shops and includes the
existing joint venture encompassing four outdoor-themed resorts.
“Our new partnership with Hilton Grand Vacations is one of
the most exciting and important in our history,” Bass Pro Shops founder Johnny
Morris said. “It will give both of our legendary brands the ability to
introduce many more people to the great outdoors and happy memories they will
never forget.”
As part of the deal, HGV’s membership base increased from
more than 525,000 to more than 740,000, and its resort portfolio from 150 to
nearly 200 properties in 14 new geographies and eight new states.
In addition, the complementary footprint of predominantly
drive-to locations will double HGV’s presence along the East Coast and expand
the number of available outdoor and ski destinations while increasing sales
distribution in new key markets.
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