Diamond Resorts has acquired Sunterra Corporation in a $700m deal.
March 24, 2007 in All News by Timeshare NewsDiamond Resorts claims the acquisition will make the company the biggest vacation ownership company in the world.
Sunterra was acquired for $16 per share in cash, a 35% premium over the closing prices of Sunterra’s stock on March 8, the day before acquisition rumours started.
Chairman of Diamond Resorts Stephen J Cloobeck, said the group was very excited about the acquisition and had a number of goals. He said: “We plan to invest in Sunterra’s worldwide platform, including its 96 branded or affiliated ownership resorts.
“Our goal is to acquaint more consumers with the many benefits of vacation ownership and deliver an enhanced hospitality experience to Sunterra’s current 326,000 current owner families in 13 countries across the globe.”
The acquisition is expected to be completed during the second quarter of 2007, following approval from the shareholders
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