International Speedway Corporation (NASDAQ: ISCA) has entered into an agreement with NASCAR Holdings, Inc. in which the latter will acquire the former for $2 billion.
What To Know
Under the terms of the merger International Speedway shareholders will be entitled to receive $45.00 in cash, without interest, for each share of ISC Class A Common Stock and ISC Class B Common Stock held immediately prior to the effective time of the merger.
The transaction is expected to close this year. No date has been specified.
Goldman Sachs is serving as exclusive financial advisor to NASCAR, and Baker Botts L.L.P. is acting as legal counsel for NASCAR.
Why It's Important
International Speedway is a leading promoter of motorsports activities, promoting more than 100 racing events annually. It owns and/or operates 13 of the nation's major motorsports entertainment facilities, including including Daytona International Speedway.
Through its subsidiaries, NASCAR Holdings operates as a sports sanctioning body. It also provides news, statistics, and information services on races, teams and industry events.
International Speedway shares were trading at $44.85 Wednesday morning.
International Speedway's Q4 Earnings Preview
See more from Benzinga
- Avon Confirms Deal Talks With Natura, Stock Gains 15%
- Lowe's Tumbles Following Mixed Q1 Earnings, Reduced Guidance
- What You Need To Know About The FTC Win Over Qualcomm
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.