Apollo to take Diamond Resorts private through all-cash bid

Diamond Resorts agreed to be taken private in an all-cash transaction worth approximately $2.2bn.

Affiliates of certain funds managed by private equity group Apollo Global Management would pay about a 58% premium versus the resort operator´s undisturbed share price on 24 February, when its management announced it was pursuing strategic alternatives for the company.

“We are tremendously excited about the opportunity for our funds to acquire Diamond Resorts,” said David Sambur, Partner at Apollo.

Necessary regulatory approvals aside, the main condition placed for the purchase to go forward was that shareholders representing at least 50.0% of Diamond´s equity accepted the bid.

Diamond said the transaction was expected to close over the next few months.

Shares in Diamond Resorts were 23.60% higher at $29.75 as of 15:47 BST.