Nascar agrees $2bn deal for ISC to get ownership of its tracks
Nascar, the US stock car racing series, has agreed to acquire International Speedway Corporation, the prominent owner of Nascar and IndyCar racing tracks, in a deal worth around $2 billion, it was announced today.
ISC, which owns 12 tracks that host Nascar races, including Daytona International Speedway and Homestead-Miami Speedway, confirmed to the stock exchange that it had "entered into an agreement and plan of merger" with Nascar Holdings.
Under the terms of the agreement, ISC stockholders will receive $45 in cash for each share.
The transaction is expected to close this year.
Nascar first made an offer to ISC in November, worth a reported $42 per share.
In addition to owning or operating major motorsports entertainment facilities across USA, ISC also owns and operates Motor Racing Network, the independent sports radio network, Racing Electronics, a motorsports communication technology and equipment firm, and Americrown Service Corporation, a subsidiary that provides catering services, and food and beverage concessions.