Hilton Grand Vacations (HGV) announced a proposed secondary public offering of 7M shares of the company’s common stock held by certain entities managed by affiliates of Apollo Global Management. In addition, HGV has authorized the concurrent purchase from the underwriters of up to $40M of shares of common stock as part of the public offering subject to the completion of the offering. The Share Repurchase is made pursuant to the company’s existing repurchase plans. The underwriters will not receive any underwriting fees for the shares being repurchased by the company. Wells Fargo Securities is acting as lead book-running manager for the proposed offering.
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