LANSING, MI (WILX) - NASCAR will acquire the parent company of Michigan International Speedway (MIS) in a $2 billion merger announced Tuesday morning.
MIS is one of 12 tracks owned by International Speedway Corporation (ISC) at which NASCAR runs races.
NASCAR will pay $45 in cash for each share of ISC's stock, which sat just above $44 per share when markets opened Tuesday morning. ISC's board approved the deal unanimously, according to a statement. The deal is expected to close by the end of the year.
MIS hosts five races this year among NASCAR's three national touring series, including two races in its top-level Monster Energy Cup Series. MIS also hosts an ARCA Menards Series race in June. ARCA is a lower-level stock car racing operation owned by NASCAR.
ISC's tracks include the famous Daytona International Speedway (its flagship track), Talladega Superspeedway, Darlington Raceway, Watkins Glen International, as well as a drag racing track in Illinois. ISC also owns the Motor Racing Network, which does radio broadcasts for NASCAR races.
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