Marriott Vacation Services, a global pure-play vacation ownership company, completed the acquisition of ILG, a provider of professionally delivered vacation experiences, for $5.3bn. Under the terms of the merger agreement, which had been unanimously approved by the Boards of both companies, ILG shareholders received $14.75 in cash and 0.165 shares of MVW common stock for each ILG share. "This transaction will combine two of the premier global vacation ownership companies to create a more diversified company with significantly enhanced marketing potential and scale to drive sales growth and value for both MVW and ILG shareholders," Stephen P. Weisz, President and Chief Executive Officer of Marriott Vacations Worldwide.