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HILTON GRAND VACATIONS TO ACQUIRE DIAMOND RESORTS , CREATING THE PREMIER LEISURE OPERATOR WITH THE BROADEST OFFERING IN THE VACATION OWNERSHIP INDUSTRY Combines largest independent timeshare company with the strength of Hilton Grand Vacations ' brand and culture Generates over $ 125 million in run - rate cost synergies , expected to be achieved in the first 24 months following close Expands and diversifies HGV's resort portfolio into over 20 new markets , adding additional drive - to destinations & sales centers while enhancing alignment with the Hilton network to widen customer reach ORLANDO , Fla . ( March 10 , 2021 ) - Hilton Grand Vacations Inc. ( NYSE : HGV ) ( “ HGV " or " the Company " ) today announced that it has entered into a definitive agreement to acquire Diamond Resorts International , Inc. ( “ Diamond ” ) from funds ( the " Apollo Funds " ) managed by affiliates of Apollo Global Management , Inc. ( NYSE : APO ) ( together with its consolidated subsidiaries , " Apollo " ) , funds managed by affiliates of Reverence Capital Partners ( " Reverence " ) , and other Diamond stockholders , in a stock - based transaction with an equity value of approximately $ 1.4 billion¹ . Under the terms of the agreement , the Apollo Funds and other Diamond stockholders will receive 34.5 million shares of HGV common stock , subject to customary adjustments . The acquisition will combine the strength of HGV's brand and culture with Diamond , the largest independent timeshare operator . Diamond's 92 leisure resorts and nearly 400,000 owners uniquely complement HGV's 62 upscale and luxury properties and over 325,000 owners , and the combination will create the premier vacation ownership company with the broadest offering in the industry . " I'm excited to announce our transformational agreement to add Diamond Resorts to the Hilton Grand Vacations family , accelerating our next phase of growth , " said Mark Wang , president and CEO of Hilton Grand Vacations . “ This strategic combination will leverage the strengths of each company , positioning us to drive significant Net Owner Growth while enhancing efficiencies of scale and generating significant shareholder value . Diamond's extensive regional , drive - to network of resorts and expanded demographics uniquely complement HGV's best - in - class lead generation , world - class hospitality , and premier destinations backed by the strength of the Hilton brand . For our valued team members , owners and guests , this combination creates new opportunities to provide exciting destinations and memorable vacation experiences while continuing to provide exceptional levels of service . " " Through this agreement , HGV and Diamond will create a new global standard of vacation ownership hospitality , " said Mike Flaskey , CEO of Diamond Resorts . " Together , we will expand Diamond's unique events and concert platform and deliver the broadest range of world - class experiences available in the 1 Assumes issuance of 34.5 M shares of stock at $ 40.32 per share 1