International Speedway Corporation will merge with NASCAR, in a $2 billion acquisition deal announced on Wednesday.
ISC, a publicly-traded company that operates 13 race tracks across the U.S., including Daytona International Speedway and Watkins Glen International, will be bought back by NASCAR at $45 per share.
The merger agreement was unanimously recommended and approved by a special committee comprised solely of independent directors of the board of directors of ISC and was unanimously approved by the full board.
“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,” NASCAR said in a statement.
“With a strong vision for the future, the France family’s commitment to NASCAR and the larger motorsports industry has never been greater.”
NASCAR began acquiring stock in ISC, which owns a majority of the NASCAR-sanctioned tracks, late last year.
IMSA, which sanctions multiple sports car racing series in North America, is considered to be a sister company to NASCAR, with both under the control of the France family.