Marriott Vacations Worldwide has completed the previously announced acquisition of ILG. Shareholders received $14.75 in cash and 0.165 shares of Marriott Vacations Worldwide common stock for each share of ILG common stock.
The combined company will be the global licensee of seven upper-upscale and luxury vacation brands, including Marriott Vacation Club, Grand Residences by Marriott, The Ritz-Carlton Destination Club, Sheraton Vacation Club, Westin Vacation Club, St. Regis Residence Club and Hyatt Residence Club.
"I couldn’t be more excited for the future of our company and the more than 23,000 associates we now have around the world. Both Marriott Vacations Worldwide and ILG have always shared a mutual commitment to vacation ownership, and I am confident that the combined company is poised to create even more exceptional vacation experiences for our owners, members and guests, as well as more value for our stockholders. I welcome all new associates and their respective businesses to our Marriott Vacations Worldwide family," said Stephen P. Weisz, President and CEO of Marriott Vacations Worldwide.
The merger also includes exchange networks and membership programs comprised of nearly 3,200 resorts, as well as the management of more than 200 other resorts and hotel properties.
In conjunction with the completion of the acquisition, Marriott Vacations Worldwide’s Board of Directors has increased from eight to 10 members, with the addition of two former members of ILG’s Board: Lizanne Galbreath and Stephen R. Quazzo.