International Speedway Corporation (ISC) announced today that it had entered an agreement for NASCAR to acquire the company in a merger. The transaction is valued at approximately $2 billion.

The ongoing transaction, which is expected to close by the end of the year, is still subject to customary closing conditions.

The merger was unanimously approved by a special committee comprised of independent directors of the Board of Directors of ISC and was later unanimously approved by the full Board.

ISC shareholders will be entitled to receive $45 for each share of ISC stock. Participating shareholders, on the other hand, signed an agreement to have their ISC shares transferred to NASCAR.

Advisors of the transaction include Dean Bradley Osborne Partners LLC, Wachtell, Lipton, Rosen & Katz, Goldman Sachs & Co. LLC, Baker Botts L.L.P., BDT & Company and Saul Ewing Arnstein & Lehr LLP.

NASCAR, which operates as a motorsports sanctioning body, is based in Daytona Beach, Florida.

ISC, which currently promotes more than 100 racing events annually, operates 13 major motorsports facilities, including Daytona International Speedway, Talladega Superspeedway, Michigan International Speedway, Richmond Raceway in Virginia, Auto Club Speedway of Southern California, Kansas Speedway, ISM Raceway, Chicagoland Speedway and Route 66 Raceway, Homestead-Miami Speedway, Martinsville Speedway, Darlington Raceway and Watkins Glen International.

For more information, visit the NASCAR website or the International Speedway Corporation (ISC) website.