Vail Resorts to Buy Peak Resorts for $11 a Share >MTN SKIS
Vail Resorts Inc. ( MTN
) on Monday said it agreed to buy fellow
ski-resort operator Peak Resorts Inc. ( SKIS
) for $11 a share, or about
$264 million.
The deal represents a roughly 116%
premium to Peak's closing price of $5.10 on Friday.
Vail, a Broomfield, Colo., ski-resort operator, said the acquisition of Wildwood, Mo.-based Peak will add 17 U.S. ski areas to its network.
Vail said it will finance the transaction,, which it expects to complete this fall, with cash on hand, its existing revolver facility and an expansion of its existing credit facility.
Vail said it will also assume or refinance Peak's debt.
Trading in Peak shares was halted premarket on Monday, while shares of Vail, which closed Friday at $225.71, were unchanged.
Write to Colin Kellaher at colin.kellaher@wsj.com
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Vail, a Broomfield, Colo., ski-resort operator, said the acquisition of Wildwood, Mo.-based Peak will add 17 U.S. ski areas to its network.
Vail said it will finance the transaction,, which it expects to complete this fall, with cash on hand, its existing revolver facility and an expansion of its existing credit facility.
Vail said it will also assume or refinance Peak's debt.
Trading in Peak shares was halted premarket on Monday, while shares of Vail, which closed Friday at $225.71, were unchanged.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires 07-22-19 0716ET Copyright (c) 2019 Dow Jones & Company, Inc.
