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Nascar buys International Speedway in Phoenix for $2 billion in cash

Posted by   /  May 22, 2019  /  No Comments

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By John J. Edwards III and Yueqi Yang | Bloomberg

Nascar Holdings Inc. agreed to buy International Speedway Corp. for about $2 billion in cash, more tightly combining two companies already controlled by the France family.

Nascar raised its price to clinch the deal for the owner of famous stock-car racing venues including the Daytona International Speedway in Florida and the Talladega Superspeedway in Alabama. International Speedway shareholders will get $45 a share under the agreement announced Wednesday, up from a $42 offer in November.

The idea at the time was to combine the companies as a privately held group, with the France family as the primary owners. Jim France is chairman of International Speedway and chief executive officer of Nascar.

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  • Published: 3 months ago on May 22, 2019
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  • Last Modified: May 23, 2019 @ 12:08 pm
  • Filed Under: Real Estate, Sports
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