Viad Corp, now known as Pursuit Attractions and Hospitality, Inc., has completed the sale of its GES business to Truelink Capital for a total purchase price of $535 million. This comprised $510 million payable at closing and an additional $25 million payable one year from the closing date. The cash proceeds from the transaction were used to retire Viad’s 2021 credit facility and strengthen Pursuit's balance sheet.
Pursuit will begin trading on the New York Stock Exchange under a new ticker, PRSU, on January 2, 2025. The company has undergone significant leadership changes, with David Barry assuming the role of President and CEO of Pursuit and taking a seat on the board. Steve Moster, the former President and CEO of Viad, will continue to serve in an advisory capacity through March 1, 2025.
Additionally, Pursuit completed the conversion of its 5.5% convertible preferred shares into approximately 6.7 million shares of its common stock on December 31, 2024, bringing the total number of common shares outstanding to approximately 28 million shares.
Following these changes, Pursuit is now positioned as a standalone attractions and hospitality company, owning and operating a collection of 14 world-class point-of-interest attractions and 28 distinctive lodges in the United States, Canada, and Iceland. The company aims to leverage its substantially improved balance sheet to fuel high-return growth opportunities through its refresh, build, buy strategy. Pursuit also expects to capitalize on vertically integrated lodging and hospitality experiences to drive cross-selling and upselling opportunities.
Lastly, Moelis & Company LLC served as the financial advisor to Viad, and Latham & Watkins LLP served as legal counsel in connection with the sale of GES to Truelink Capital. Today the company's shares have moved -0.3% to a price of $42.7. If you want to know more, read the company's complete 8-K report here.
