NASCAR and International Speedway to Merge

The merger of the top motor sports companies is expected to close in 2019.
NASCAR and International Speedway to Merge

In a deal announced on Tuesday, NASCAR will acquire International Speedway Corp. (ISC). The deal is valued at approximately $2 billion, and is expected to close by the end of 2019.

Under the terms of the merger agreement, NASCAR will pay ISC shareholders $45 in cash, which represents a 2.0% premium to the Class A shares’ Tuesday closing price of $44.10, and 7.1% above NASCAR’s original bid in November 2018 of $42 a share.

“In a highly competitive sports and entertainment landscape, a more unified strategic approach is important to our future growth,” ISC chairman and NASCAR CEO Jim France said on the day of the initial bid.

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“We believe the industry requires structural changes to best position the sport for long-term success,” said France, “and this offer represents a positive step forward in that direction.”

The merger agreement was unanimously recommended and approved by a special committee comprised solely of independent directors of the ISC Board of Directors and was unanimously approved by the full board.

In addition, the participating shareholders have signed a letter of agreement to cause their respective shares of ISC Class A Common Stock and ISC Class B Common Stock to be transferred to NASCAR prior to the merger.

NASCAR, through its subsidiaries, operates as a sports sanctioning body. The company, founded in 2004, also provides news, statistics, and information services on races, drivers, teams, and industry events.

ISC is a leading promoter of motorsports activities, currently promoting more than 100 racing events annually as well as numerous other motorsports-related activities. ISC also owns and/or operates 13 of the nation’s major motorsports entertainment facilities.