Vail finalizes acquisition of Peak Resorts
Vail Resorts has closed its acquisition of Peak Resorts Inc., that adds 17 ski areas in the United States to the company’s portfolio.
Vail announced Tuesday morning that it closed the deal for a purchase price of $11 per share.
“We are thrilled that with this acquisition, skiers and riders living in and around some of the biggest cities in the country will now have access to both ski close to home and at renowned mountain resorts around the world – with just one pass,” said Rob Katz, chairman and chief executive officer of Vail Resorts in a press release. “We are excited to welcome each of these ski areas into the Vail Resorts family and to continue to invest in what makes them unique.”
Joining the Vail family is Mount Snow, Hunter Mountain, Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in the Northeast. In the Mid-Atlantic, Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder are joining Vail.
Vail also acquired Alpine Valley, Boston Mills, Brandywine, Mad River Mountain, Hidden Valley, Snow Creek and Paoli Peaks in the Midwest.
Vail now owns and operates 37 resorts worldwide.
In the next two years, the company plans to invest about $15 million in one-time capital expenses and annual expenses will increase by about $10 million to accommodate the new resorts.
For information, visit http://www.vailresorts.com/Corp/index.aspx