Viad Corp (VVI), a provider of extraordinary experiences, including attractions, hospitality, exhibition services and experiential marketing, Monday said it has agreed to sell its GES business to Truelink Capital for $535 million. Viad shares were more than 6 percent up in pre-market trading.
The transaction separates Viad's exhibition services and experiential marketing division, GES, from attractions and hospitality business, Pursuit.
"Through this transformative sale, we intend to establish Pursuit as a pure-play, high-growth, high-return business, with the financial strength and balance sheet to capitalize on its substantial growth prospects in the hospitality and attractions space," said Steve Moster, Viad's President and Chief Executive Officer.
The company plans to use proceeds from the transaction to close its 2021 credit facility, and to advance Pursuit's growth through its Refresh, Build, Buy strategy.
Pursuit has completed 13 major Refresh, Build, Buy growth projects in the last 10 years, which added about $74 million to EBITDA, or earnings before interest, taxes, depreciation, and amortization in 2023.
Viad stock had closed at $35.78, down 0.75 percent on Friday. It has traded in the range of $22.88 - $40.27 in the last 1 year.
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