Viad Corp to Relaunch as Pursuit and Trade on NYSE as PRSU
Viad Corp (NYSE: VVI) will change its corporate name to Pursuit Attractions and Hospitality, effective December 31, 2024. The company will begin trading under a new NYSE ticker, PRSU, starting January 2, 2025. This follows the previously announced sale of Viad’s GES business, expected to close on December 31, 2024. Post-transaction, Pursuit will operate as a standalone, publicly traded company focused on the leisure and hospitality sector, delivering experiences in iconic destinations. The company aims to leverage its financial flexibility and balance sheet capacity to accelerate its growth strategy, dubbed Refresh, Build, Buy. The ticker symbol change requires no action from shareholders.
Viad Corp (NYSE: VVI) cambierà il suo nome aziendale in Pursuit Attractions and Hospitality, a partire dal 31 dicembre 2024. L'azienda inizierà a negoziare sotto un nuovo ticker NYSE, PRSU, a partire dal 2 gennaio 2025. Questo cambiamento segue la vendita precedentemente annunciata dell'attività GES di Viad, la cui chiusura è prevista per il 31 dicembre 2024. Dopo la transazione, Pursuit opererà come un'azienda autonoma quotata in borsa, focalizzata sul settore del tempo libero e dell'ospitalità, offrendo esperienze in destinazioni iconiche. L'azienda mira a sfruttare la sua flessibilità finanziaria e la capacità del bilancio per accelerare la sua strategia di crescita, denominata Refresh, Build, Buy. Il cambiamento del simbolo del ticker non richiede alcuna azione da parte degli azionisti.
Viad Corp (NYSE: VVI) cambiará su nombre corporativo a Pursuit Attractions and Hospitality, a partir del 31 de diciembre de 2024. La compañía comenzará a cotizar bajo un nuevo ticker en la NYSE, PRSU, a partir del 2 de enero de 2025. Este cambio sigue a la venta anunciada anteriormente del negocio GES de Viad, que se espera cierre el 31 de diciembre de 2024. Tras la transacción, Pursuit operará como una empresa pública independiente enfocada en el sector de ocio y hospitalidad, ofreciendo experiencias en destinos icónicos. La compañía tiene como objetivo aprovechar su flexibilidad financiera y capacidad de balance para acelerar su estrategia de crecimiento, denominada Refresh, Build, Buy. El cambio de símbolo de ticker no requiere acción por parte de los accionistas.
Viad Corp (NYSE: VVI)는 2024년 12월 31일부터 Pursuit Attractions and Hospitality로 회사 이름을 변경할 예정입니다. 이 회사는 2025년 1월 2일부터 새로운 NYSE 티커 PRSU 아래에서 거래를 시작할 것입니다. 이번 변경은 Viad의 GES 사업 판매 발표에 이어 이루어지며, 판매는 2024년 12월 31일에 종료될 것으로 예상됩니다. 거래가 완료된 후 Pursuit는 독립적인 상장 기업으로서 레저 및 환대 분야에 집중하여 아이코닉한 목적지에서 경험을 제공할 것입니다. 이 회사는 재정적 유연성과 재무 상태를 활용하여 Refresh, Build, Buy라는 이름의 성장 전략을 가속화할 것을 목표로 하고 있습니다. 티커 기호 변경은 주주로부터의 어떠한 조치도 요구하지 않습니다.
Viad Corp (NYSE: VVI) va changer son nom commercial en Pursuit Attractions and Hospitality, à compter du 31 décembre 2024. L'entreprise commencera à négocier sous un nouveau symbole NYSE, PRSU, à partir du 2 janvier 2025. Ce changement suit la vente précédemment annoncée de l'activité GES de Viad, qui devrait se conclure le 31 décembre 2024. Après la transaction, Pursuit fonctionnera comme une entreprise autonome cotée en bourse, axée sur le secteur des loisirs et de l'hospitalité, offrant des expériences dans des destinations emblématiques. L'entreprise vise à exploiter sa flexibilité financière et la capacité de son bilan pour accélérer sa stratégie de croissance, intitulée Refresh, Build, Buy. Le changement de symbole du ticker ne nécessite aucune action de la part des actionnaires.
Viad Corp (NYSE: VVI) wird seinen Firmennamen zum Pursuit Attractions and Hospitality ändern, gültig ab dem 31. Dezember 2024. Das Unternehmen wird ab dem 2. Januar 2025 unter einem neuen NYSE-Ticker, PRSU, handeln. Dies folgt auf den zuvor angekündigten Verkauf des GES-Geschäfts von Viad, dessen Abschluss für den 31. Dezember 2024 erwartet wird. Nach der Transaktion wird Pursuit als eigenständiges, börsennotiertes Unternehmen im Bereich Freizeiteinrichtungen und Gastgewerbe tätig sein und Erfahrungen an ikonischen Zielen anbieten. Das Unternehmen hat sich zum Ziel gesetzt, seine finanzielle Flexibilität und die Kapazität der Bilanz zu nutzen, um seine Wachstumsstrategie mit dem Namen Refresh, Build, Buy zu beschleunigen. Der Wechsel des Tickersymbols erfordert keine Maßnahmen von den Aktionären.
- Name change and new ticker symbol reflect a clear focus on the high-growth, high-margin leisure and hospitality sector.
- Sale of GES business expected to close on December 31, 2024, providing financial flexibility.
- Pursuit will operate as an independent company with substantial growth prospects.
- Potential risks associated with the transition and rebranding process.
Insights
The corporate rebranding of Viad Corp to Pursuit represents a strategic pivot that transforms the company into a pure-play leisure and hospitality business. This follows the
The transition to become Pursuit positions the company to focus exclusively on its higher-margin attractions and hospitality operations. Historical data shows Pursuit's operations have demonstrated superior EBITDA margins compared to the GES segment. The streamlined business model should provide better visibility into earnings and potentially command a higher multiple from investors who previously had to evaluate two distinct business segments.
The timing of this transformation, scheduled for December 31, 2024, allows for a clean break into the new fiscal year. The move to trade under PRSU aligns with similar successful rebranding initiatives in the hospitality sector where focused operations typically achieve better market valuations than conglomerate structures.
This corporate transformation aligns with current market trends showing strong consumer demand for experiential tourism and premium hospitality services. The decision to focus solely on the Pursuit segment capitalizes on the growing preference for unique, destination-based experiences, particularly in iconic locations where Pursuit operates.
The rebranding timing is strategic, coinciding with projected strong recovery trends in global tourism. Pursuit's attractions portfolio, which includes operations in popular destinations like Banff, Jasper and Glacier National Park, positions the company to capture increasing domestic and international tourism spending. The simplified business structure should make it easier for investors to value the company against pure-play hospitality peers, potentially leading to improved market multiples.
New Name to Follow Transformative GES Transaction, Reflects Company’s Singular Focus on Leisure and Hospitality Through Delivering Unforgettable Experiences in Iconic Destinations
Corporate Name Change to Take Effect on December 31, 2024; Will Begin Trading Under New NYSE Ticker, PRSU, on January 2, 2025
These actions will follow the previously announced sale of Viad’s GES business, which is expected to close on December 31, 2024. Following the sale of GES, the Company’s remaining business, Pursuit, will stand alone as a publicly traded company with a new name and common stock ticker reflective of the ongoing attractions and hospitality business.
As an independent, high-growth and high margin business, Pursuit will have the financial flexibility and balance sheet capacity to accelerate its proven Refresh, Build, Buy growth strategy and capitalize on its substantial growth prospects in the attractions and hospitality space.
No action by the Company’s shareholders is required regarding the ticker symbol change.
About Viad
Viad (NYSE: VVI) is a leading global provider of extraordinary experiences, including attractions, hospitality, exhibition services, and experiential marketing through two businesses: Pursuit and GES. Our business strategy focuses on delivering extraordinary experiences for our teams, clients and guests, and significant and sustainable growth and above-market returns for our shareholders. Viad is an S&P SmallCap 600 company.
Pursuit is an attractions and hospitality company that owns and operates a collection of inspiring and unforgettable experiences in iconic destinations in
GES is a global exhibition services and experiential marketing company offering a comprehensive range of services to the world’s leading event organizers and brands through two reportable segments, GES Exhibitions and Spiro. GES Exhibitions is a global exhibition and trade show management business that partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows with teams throughout
For more information, visit www.viad.com.
Forward- Looking Statements
This press release contains a number of forward-looking statements. Words, and variations of words, such as “will,” “can,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking statements. Such forward-looking statements include those that address activities, events or developments that Viad or its management believes or anticipates may occur in the future, including all statements regarding expectations concerning Pursuit’s opportunities and performance as a standalone public company and the expected timing of the closing of the GES transaction. Similarly, statements that describe our go-forward business strategy, objectives, plans, intentions, or goals also are forward-looking statements. These forward-looking statements are not historical facts and are subject to a host of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those in the forward-looking statements. Important factors that could cause actual results to differ materially from those described in our forward-looking statements are set forth under Item 1A, “Risk Factors,” of our most recent annual report on Form 10-K and in our most recent Current Report on Form 10-Q filed with the SEC. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241219621159/en/
Carrie Long or Michelle Porhola
Investor Relations
(602) 207-2681
ir@viad.com
Scott Bisang or Nick Lamplough
Media Relations
Pursuit-CS@collectedstrategies.com
Source: Viad Corp
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