Leon Black, chairman and chief executive officer of Apollo Global Management, speaks during the annual Milken Institute Global Conference in Beverly Hills, California, U.S., on Monday, May 2, 2016.
Photo by Patrick T. Fallon/Bloomberg via Getty Images
By Reuters
June 29, 2016

Diamond Resorts International (drii) said it agreed to be bought by private equity firm Apollo Global Management (apo) 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.

Diamond Resorts’ shares rose to $29.92 in early trading.

The hospitality and vacation ownership management company said in February it was exploring strategic alternatives and had retained Centerview Partners as financial adviser.

 

Earlier this year, Marriott International (mar) offered to buy Starwood Hotels & Resorts Worldwide (hot) after China’s Anbang Insurance Group said it abandoned its $14 billion bid for the Sheraton and Westin hotels operator.

 

The Apollo Global-Diamond Resort deal is expected to close over the next few months, the company said. Diamond Resorts’ common shares will no longer be listed publicly after the closure of the deal.

Barclays (bcs) Capital and RBC Capital Markets advised Apollo Global.

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