Vail Resorts adding 17 new ski areas with acquisition
Ski resort giant Vail Resorts is expanding again after announcing the addition of 17 more ski areas to its portfolio.
It entered into an agreement to acquire Peak Resorts Inc. for about $264 million.
The transaction has been approved by both companies’ respective boards and now awaits shareholder approval.
The deal will give Vail a strong presence on the East Coast and the Midwest.
The Peak Resorts’ portfolio includes Mount Snow in Vermont, Hidden Valley and Snow Creek in Missouri, Mad River Mountain in Ohio, and several resorts in Pennsylvania.
The Peak ski areas will be included in Vail’s Epic pass program once the deal has completed in time for the 2019-20 season.
Vail Resorts will honor current Peak Resorts pass products and will continue to sell them for the 2019-20 season, with pass holders able to upgrade to an Epic Pass or Epic Local Pass.
"We’re thrilled to welcome the resorts and their employees into the Vail Resorts family and invest in their continued success," said Rob Katz, chairman and CEO of Vail Resorts.
Vail Resorts will assume Peak Resorts’ outstanding debt.
The transaction is expected to complete in the fall.
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