Jan 2, 2025

Under the terms of the deal, Casago will purchase all outstanding shares of Vacasa at $5.02 each. December 31, 2024 Roofstock has provided equity commitments for the transaction and will be investors in the merged entity. Credit: Kmpzzz/Shutterstock. Casago, a vacation rental property management company, and Vacasa, a North America based vacation rental management platform, have signed a definitive merger agreement. Under the terms of the deal, Casago will purchase all outstanding shares of Vacasa at $5.02 each, subject to adjustments detailed in the merger agreement. Go deeper with GlobalData This move aims to merge their respective strengths and accelerate progress towards a shared vision of superior home care, revenue for homeowners, and hospitality for guests. The all-cash transaction will create what is described as an unmatched vacation rental management platform, combining international brand advantages with local management’s personalised care. Casago founder and CEO Steve Schwab said:“Casago has always been committed to delivering personalised, locally-empowered service to homeowners, and exceptional experiences to guests. We’re excited to merge with Vacasa, a company that shares our dedication to excellence. “Together, we will strengthen our ability to deliver consistent service quality on a global scale, leveraging our combined resources and expertise to better serve our homeowners, guests and partners.” How well do you really know your competitors? Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge. Not ready to buy yet? Download a free sample We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form By GlobalData Submit Tick here to opt out of curated industry news, reports, and event updates from Hotel Management Network. Submit and download Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. Roofstock has provided equity commitments for the transaction and will be investors in the merged entity. Roofstock’s involvement brings substantial real estate expertise and software solutions that have already assisted over 300,000 property owners and nearly one million units. Vacasa stockholders will receive $5.02 per share upon completion of the transaction, which represents a significant premium over the company’s recent average share prices. Notably, existing shareholders Silver Lake, Riverwood Capital, and Level Equity will maintain minority investments post-merger. The transaction is expected to close towards the end of Q1 or early Q2 2025, subject to customary closing conditions and approval by Vacasa’s shareholders. Earlier in 2024, Vacasa’s Board recommended reviewing strategic alternatives. A Special Committee was formed in June 2024 to oversee this process. After an extensive evaluation and receiving a fairness opinion from an independent financial advisor, the Special Committee recommended board approval for the merger. In preparation for the merger, Vacasa amended its tax receivable agreement to halt payments related to the transaction. It also revised its revolving credit facility to avoid triggering a default due to change in control. Support agreements were entered with certain rollover stockholders. After completion, Vacasa will delist from Nasdaq and become privately held. Vacasa CEO Rob Greyber said: “This merger is a natural next step in Vacasa’s journey over the past year, sharpening our focus on owners, guests, and our local teams that take care of them every day. By combining with Casago, a company that shares our vision of locally-empowered, homeowner-focused property management, we’re accelerating our progress on that path. “We are pairing national scale with local expertise, empowering entrepreneurial teams to set a new standard in vacation rental property management.” Jefferies and Skadden are advising Casago on financial and legal matters respectively, while PJT Partners and Latham & Watkins are advising Vacasa and its Special Committee. Vinson & Elkins served as legal advisor for the Special Committee of the Board of Directors of Vacasa. Sign up for our daily news round-up! Give your business an edge with our leading industry insights.