By Chris Wack
Vacasa shares were up 29% to $4.90 after the company said it was being bought by vacation-rental property management company Casago in a deal valued at $128.6 million.
Shares of Vacasa, a vacation rental management platform, hit their 52-week high of $11.70 last February, and are down 41% in the past 12 months.
Casago will buy all outstanding shares of Vacasa for $5.02 a share, subject to adjustment as set forth in the merger agreement. The per-share purchase price represents a premium of 28% over Vacasa's 30-day volume weighted average price per share as of Friday.
Roofstock, a proptech platform, plans to invest in and advise the combined company. Existing Vacasa shareholders Silver Lake, Riverwood Capital and Level Equity will retain minority investments in the combined company following the closing.
The deal is slated to be completed towards the end of the first quarter or the early part of the second quarter of 2025, after which Vacasa will delist from Nasdaq, becoming a private company.
In early 2024, the board and management of Vacasa recommended that the company begin a review of strategic alternatives and advisers were engaged to assist in conducting that review process.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
December 30, 2024 10:13 ET (15:13 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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