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Report: Apollo seeks to buy timeshare company Hilton Grand Vacations

Apollo Global Management LLC is looking to acquire Hilton Grand Vacations Inc. and proposed three options for the timeshare operator, the New York Post reported, citing undisclosed sources.

The private equity firm offered options to purchase the company at a premium to its share price, combine it with Apollo-owned rival Diamond Resorts and keep the merged entity public, or tender for Hilton Grand shares at a premium to its current share price, sources said. It did not disclose how much it would pay for the company, but it could bid as much as $36 per share, the sources said.

Apollo's Leon Black reportedly intends to merge Diamond Resorts with Hilton Grand to reduce costs and achieve scale.

Sources added that private equity giant Blackstone Group Inc. could also target the company, according to the publication.