- Vail Resorts (NYSE:MTN) announces it acquired Whistler Blackcomb Holdings for C$17.50 per share in cash and 0.0975 shares of Vail Resorts common stock, for a total consideration of C$36.00 per share.
- The deal sees Vail assume control of the iconic Whistler mountain resort.
- Whistler Blackcomb will nominate one member of its board to the Vail Resorts board of directors, and Dave Brownlie will continue leading Whistler Blackcomb as the resort's chief operating officer and will become a member of the senior leadership team of Vail Resorts' mountain division.
- The transaction has been unanimously approved by the Whistler Blackcomb board of directors, and shareholders representing 25% of Whistler Blackcomb's common shares have entered into voting support agreements in connection with the transaction. The transaction has also been unanimously approved by the Vail Resorts board of directors.
- The aggregate cash component of the offer is estimated to be C$676 million ($513M) which Vail Resorts intends to finance through an expansion of its existing credit facility.
- Upon closing of the transaction, Whistler Blackcomb shareholders collectively will own approximately 10% of Vail Resorts outstanding common stock.
- Source: Press Release