If you have an Epic pass, you can add another 17 U.S. Ski resorts to try. Vail Resorts closed on its acquisition of Peak Resorts, Inc. Tuesday for a purchase price of $11 per share.
With the acquisition, Vail Resorts adds 17 U.S. ski areas to its portfolio. All of them are located in the Northeast, Mid-Atlantic, and Midwest. Vail Resorts now owns and operates 37 resorts worldwide.
In a prepared statement, Vail Resorts CEO, Rob Katz said, the company is 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 ski close to home and at renowned mountain resorts around the world—with just one pass.
The 2019-20 Epic Pass, Epic Local Pass, Epic Australia Pass and Military Epic Pass now include unlimited and unrestricted access to each of the 17 ski areas. Vail Resorts will honor all Peak Resorts pass products and continue to sell them through the fall. Current Peak Resorts pass holders now have the option to upgrade to an Epic Pass or Epic Local Pass.
Vail Resorts plans to invest some $15 million over the next two years in one-time capital spending at the newly acquired areas.
Several of Peak Resorts top executives will no longer be with the company, effective Oct. 8. Peak Resorts common stock was to be delisted from the Nasdaq Global Select Market at the close of the market on Sept. 24th.
The 17 new resorts are: Mount Snow, VT; Hunter Mountain, NY; Attitash Mountain Resort, Wildcat Mountain, and Crotched Mountain, NH; Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, and Jack Frost and Big Boulder, PA; Alpine Valley, Boston Mills Brandywine, and Mad River Mountain, OH; Hidden Valley and Snow Creek, MO; and Paoli Peaks, IN.