Marriott's timeshare business is buying rival ILG in a cash-and-stock deal valued at about $4.7 billion.

ILG has more than 250,000 owners in its Vistana Signature Experiences and Hyatt Vacation Ownership portfolios. The combined company will have the rights to develop, market and sell under the Hyatt Vacation Ownership programs.

The combined company will include approximately 650,000 owners and seven upscale and luxury brands.

ILG shareholders will receive $14.75 in cash and 0.165 shares of Marriott Vacations Worldwide stock for each ILG share.

Marriott Vacations Worldwide said Monday that its board will expand from eight to 10 members to include two ILG directors.

The deal is expected to close later this year.

The combined company will trade on the New York Stock Exchange under the "VAC" symbol.