DAYTONA BEACH, Fla.: International Speedway Corporation (ISC) has entered into an agreement and plan of merger with NASCAR. The deal is valued at approximately $2 billion.
The transaction, which is expected to close in calendar year 2019, is conditioned on the approval of a majority of the aggregate voting power represented by the shares of ISC Class A Common Stock and ISC Class B Common Stock not owned by the controlling shareholders of ISC, voting together as a single class.
Shareholders will receive $45 for each share.
International Speedway Corp. owns 12 tracks that host NASCAR races, including Daytona International Speedway, Darlington Raceway and Homestead-Miami Speedway.
NASCAR issued a statement Wednesday: “We are pleased with the progress that the negotiation and execution of the merger agreement between NASCAR and ISC represents. While important regulatory and shareholder approval processes remain, we look forward to the successful final resolution of this matter and continuing our work to grow this sport and deliver great racing experiences for our fans everywhere. With a strong vision for the future, the France (Jim France is NASCAR chairman) family’s commitment to NASCAR and the larger motorsports industry has never been greater.”
France told competitors in the drivers meeting before the Daytona 500 that “this sport was built by families and we’re just a part of it. It’s so important that we remember that this is still a family business. Our family is committed to it”.
Speedway Motorsports Inc., which owns eight tracks that host NASCAR races, announced April 24 that it had received a non-binding proposal from Sonic Financial Corp. to acquire all outstanding shares of common stock other than those already held by Sonic. Bruton Smith and his family own and control Sonic Financial Corp. Smith is the founder and majority stakeholder in Speedway Motorsports Inc.
The only tracks not owned by ISC or SMI that host Cup races are Pocono Raceway, Dover International Speedway and Indianapolis Motor Speedway.
ISC currently promotes more than 100 racing events annually as well as numerous other motorsports-related activities. ISC owns and/or operates 13 race tracks, including Daytona International Speedway in Florida (home of the DAYTONA 500); Talladega Superspeedway in Alabama; Michigan International Speedway located outside Detroit; Richmond Raceway in Virginia; Auto Club Speedway of Southern California near Los Angeles; Kansas Speedway in Kansas City, Kansas; ISM Raceway near Phoenix, Arizona; Chicagol and Speedway and Route 66 RacewaySM near Chicago, Illinois; Homestead-Miami SpeedwaySM in Florida; Martinsville Speedway® in Virginia; Darlington Raceway in South Carolina; and Watkins Glen International in New York.
ISC also owns and operates Motor Racing Network, the largest independent sports radio network, Racing Electronics, and Americrown Service CorporationSM, a subsidiary that provides catering services, and food and beverage concessions. In addition, ISC owns ONE DAYTONA, the retail, dining and entertainment development across from Daytona International Speedway, and has a 50 percent interest in the Hollywood Casino at Kansas Speedway. For more information, visit ISC’s Web site at www.internationalspeedwaycorporation.com.
