Viad Shakes Things Up With $535M GES Sale, Rebranding Ahead
Portfolio Pulse from Lekha Gupta
Viad Corp (NYSE:VVI) is selling its GES business to Truelink Capital for $535 million, leading to a rebranding as Pursuit and a ticker change to PRSU. The sale will allow Viad to focus on its Pursuit attractions and hospitality segment, using proceeds to retire debt. VVI shares rose 17.2% following the announcement.
October 21, 2024 | 3:35 pm
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Viad Corp is selling its GES business for $535 million, leading to a rebranding as Pursuit and a ticker change to PRSU. The sale will allow Viad to focus on its Pursuit segment and retire debt, boosting investor confidence.
The sale of GES for $535 million is a significant move for Viad, allowing it to focus on its Pursuit segment and improve its financial position by retiring debt. The market reacted positively, with shares rising 17.2%, indicating strong investor confidence in the strategic direction.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100