M&A · Financials · Real Estate
Hilton Grand Vacations Inc. to acquire Bluegreen Vacations Holding Corp
Announced Nov 6, 2023 · Closed Jan 17, 2024
Deal value$1.50BEV $1.50B
Premium112.0%To unaffected price
EV / Adj. EBITDA7.5x1.5x EV / Revenue
ConsiderationAll cash$75.00 per share
Transaction
- Acquirer
- Hilton Grand Vacations Inc. (HGV)
- Target
- Bluegreen Vacations Holding Corp
- Buyer type
- Strategic
- Offer price per share
- $75.00
- Enterprise value
- $1.50B
- Status
- Closed Jan 17, 2024
Deal protections
- Break fee (target pays)
- $41.5M · 2.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · BofA Securities, Deutsche Bank, Barclays, Credit Suisse
Advisors
- To the acquirer
- BofA Securities
- To the target
- Credit Suisse, Wells Fargo
- Credit Suisse fee
- $15.0M
Sector context · Financials
- Comparable deals
- 63 in the prior 24 months
- Premium
- 112.0% vs. 35.0% sector median
- EV / Adj. EBITDA
- 7.5x vs. 22.5x sector median
- Break fee
- 2.8% vs. 3.0% sector median
Timeline
- AnnouncedNov 6, 2023
- Proxy filedNov 28, 2023
- Definitive proxyDec 11, 2023
- Shareholder voteJan 11, 2024
- ClosedJan 17, 2024
Valuation · fairness opinions
Trading comparables$35.85$58.89
Discounted cash flow$57.62$82.68
Precedent transactions$59.26$88.69
Offer $75.00
Implied value per Bluegreen Vacations Holding Corp share by analysis, from Credit Suisse · DCF discount rate 9%–11%.