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.

“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.

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