Paoli Peaks in Orange County is one of many ski resorts across the country being sold to Vail Resorts Inc. (NYSE: MTN) of Broomfield, Colorado. The company has agreed to purchase 100 percent of the outstanding stock of Peak Resorts Inc (Nasdaq: SKIS). The purchase price of approximately $264 million is subject to conditions and regulatory review, and Peak Resorts’ shareholder approval.
The acquisition will add these 17 ski areas to Vail’s network:
- Mount Snow in Vermont
- Hunter Mountain in New York
- Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire
- Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania
- Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio
- Hidden Valley and Snow Creek in Missouri
- Paoli Peaks in Indiana
"We are incredibly excited to have the opportunity to add such a powerful network of ski areas to our Company," said Rob Katz, chairman and chief executive officer of Vail Resorts. "Peak Resorts’ ski areas in the Northeast are a perfect complement to our existing resorts and together will provide a very compelling offering to our guests in New York and Boston. With this acquisition, we are also able to make a much stronger connection to guests in critical cities in the Mid-Atlantic and Midwest and build on the success we have already seen with our strategy in Chicago, Minneapolis and Detroit. The acquisition fully embodies our philosophy of Epic for Everyone, making skiing and riding more accessible to guests across the U.S. and around the world."
The transaction is expected to be complete this fall and the company is expected to retain a majority of the employees at each resort.