By Colin Kellaher
Viad shares jumped more than 15% and hit a new 52-week high Monday after the company said it would sell the bulk of its business and operate as a slimmed-down, pure-play attractions and hospitality company.
Viad inked a deal to sell its GES exhibition services and experiential marketing business, which accounts for about 80% of its revenue, to private-equity firm Truelink Capital for $535 million.
The Scottsdale, Ariz., company, which plans to change its name to Pursuit upon completion of the deal, said it will use the proceeds to retire its debt, adding that it will have the financial strength and balance sheet to capitalize on substantial growth prospects in the hospitality and attractions space.
The GES sale is slated to close by the end of the year.
Viad shares were recently changing hands at $41.85, up 17%, after touching a 52-week high of $45.61 early in the session.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 21, 2024 10:24 ET (14:24 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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