Hilton Grand Vacations (NYSE:HGV) announces a secondary offering of 24.75M shares on the behalf of HNA HLT Holdco.
The company will not receive any proceeds from the offering.
The selling shareholder has granted Hilton Grand Vacations an option to repurchase 4.34M shares in a privately negotiated transaction.
BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers on the offering.
HGV -2.18% premarket to $44.80.
Source: Press Release
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