SL Resort is acquiring timeshare resorts developer, marketer and operator, Silverleaf Resorts. The affiliate of Cerberus Capital Management will pay a total of about $94 million for the acquisition. The deal has been approved by the board of directors of Silverleaf.

As a part of the agreement, SL Resort will buy all the shares of Silverleaf at $2.50 per share in cash. Cerberus will also provide equity financing for the full amount of the merger consideration. Gleacher & Company Securities is the financial advisor of Silverleaf.

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