Economy & Economic Development  August 8, 2016

Vail Resorts to acquire Whistler Blackcomb for $1.1 billion

BROOMFIELD — Vail Resorts Inc. officials announced Monday morning that they’ve struck a deal to acquire the largest ski resort in North America, Whistler Blackcomb, for $1.1 billion in cash and stock.

The pending purchase of the Canadian resort continues Broomfield-based Vail Resorts’ march toward domination of the North American ski industry. The company already owned three of the five largest resorts on the continent in Park City in Utah (7,300 skiable acres), Vail in Colorado (5,289) and Heavenly in the Lake Tahoe area of California and Nevada (4,800). But Whistler, which hosted the alpine ski events for the 2010 Vancouver Olympics, checks in with more than 8,000 acres of skiable terrain.

Under terms of the deal, which requires regulatory approval in Canada, Vail will pay $513 million in cash. Shareholders of Whistler Blackcomb Holdings Inc. (TSX: WB), meanwhile, will receive $543 million in Vail Resorts stock, accounting for about 10 percent of Vail Resorts common stock once the transaction is closed. Vail will also assume about $132 million in debt as part of the deal.

Whistler Blackcomb will nominate one member of its board to the Vail Resorts board of directors, and Whistler chief executive Dave Brownlie will stay onboard as chief operating officer of the Canadian resort.

The boards for both companies have approved the deal.

Officials for Vail Resorts said Whistler Blackcomb will continue to honor existing season pass products for the 2016-17 winter season. They expect to integrate Whistler into Vail Resorts’ Epic Season Pass for the 2017-18 season.

“Whistler Blackcomb is one of the most iconic mountain resorts in the world with an incredible history, passionate employees and a strong community,” Vail Resorts chairman and CEO Rob Katz said. “With our combined experience and expertise, together we will build upon the guest experience at Whistler Blackcomb while preserving the unique brand and character of the resort as an iconic Canadian destination for guests around the world.”

Vail Resorts already operates nine mountain resorts and a pair of urban ski areas. Those holdings include Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Park City in Utah; and Heavenly, Northstar and Kirkwood in the Lake Tahoe area, as well as Perisher in Australia.

BROOMFIELD — Vail Resorts Inc. officials announced Monday morning that they’ve struck a deal to acquire the largest ski resort in North America, Whistler Blackcomb, for $1.1 billion in cash and stock.

The pending purchase of the Canadian resort continues Broomfield-based Vail Resorts’ march toward domination of the North American ski industry. The company already owned three of the five largest resorts on the continent in Park City in Utah (7,300 skiable acres), Vail in Colorado (5,289) and Heavenly in the Lake Tahoe area of California and Nevada (4,800). But Whistler, which hosted the alpine ski events for the 2010 Vancouver Olympics, checks in…

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