NASCAR on Wednesday said it has reached a $2 billion merger agreement with the International Speedway Corporation, granting the organization control of key racetracks such as the Daytona International Speedway.
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The agreement gives NASCAR control over a total of 12 ISC tracks that host events on its schedule, including Daytona, Talladega Superspeedway and Homestead-Miami Speedway. ISC shareholders will receive $45 per share in the deal, which is set to close later this year, pending the approval of non-controlling shareholders.
“We are pleased with the progress that the negotiation and execution of the merger agreement between NASCAR and ISC represents,” NASCAR said in a statement. “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.”
The merger comes as NASCAR contends with a downturn in its business. The stock car racing organization’s television ratings and event attendance have plummeted in recent years. NASCAR is said to be considering changes to its rigorous race schedule in a bid to jumpstart fan interest.
The France family, which has controlled NASCAR for decades, will maintain control of the combined entity. NASCAR announced a bid to acquire ISC late last year.