With all the attention focused on the Marriott/Starwood merger, another acqusition of a piece of Starwood's business has been kept somewhat quieter. Still, it's moving ahead: Interval Leisure Group is one step closer to taking over Vistana Signature Experiences, the vacation ownership business of Starwood Hotels & Resorts Worldwide, through a merger of Vistana with a wholly owned subsidiary of Interval Leisure Group.
The proposal necessary for the acquisition was approved at a special meeting of ILG stockholders. More than 95 percent of the total votes cast by holders of ILG common stock present in person or represented by proxy at the meeting, representing over 92 percent of outstanding shares, voted in favor of the proposal to issue shares of ILG common stock in connection with the merger. When the acquisition was announced, it was reported to be worth $1.5 billion to Starwood.
The merger has cleared anti-trust review in the United States and Mexico. Closing remains subject to the satisfaction or waiver of customary closing conditions, but if all goes well, ILG expects the transaction to close on April 30.