Pursuit Attractions and Hospitality (PRSU) M&A Announcement summary

Deal rationale and strategic fit

• Divestiture of GES enables Viad to become Pursuit, a focused, pure-play attractions and hospitality company targeting high-growth, high-return opportunities in iconic destinations.

• Pursuit will leverage a proven Refresh, Build, Buy strategy to scale and capitalize on strong market demand for authentic, immersive travel experiences.

• The separation aligns with Viad’s long-term strategy to maximize shareholder value and create a standalone business with perennial demand and high barriers to entry.

• The transaction allows for better resource allocation and alignment with investor preferences and market trends.

Financial terms and conditions

• GES is being sold to Truelink Capital for $535 million in cash, subject to adjustments for cash, debt, and working capital, with $25 million deferred for one year post-closing.

• Proceeds will be used to retire Term Loan B, pay down revolver, and fund growth initiatives for Pursuit.

• Estimated tax implications of $10–$15 million, offset by net operating losses.

• Pro forma total leverage is expected to be ~1x post-closing, providing Pursuit with financial flexibility for future M&A.

Synergies and expected cost savings

• Transaction enables full retirement of high-cost debt, resulting in annual cash interest savings of about $30 million.

• Standalone Pursuit will benefit from an optimized capital structure and excess cash position.

• Simplified business structure and vertical integration expected to enhance financial performance and economies of scale.

• Corporate expenses for Pursuit expected to remain similar to current levels, with some dis-synergies in IT.