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Mar. 30, 2015, 5:35 PM
- Vail Resorts (NYSE:MTN) is buying Perisher Ski Resort for AU$176.6M ($136M) in cash. The deal represents Vail's first purchase of an international resort, and is expected to close in the company's July quarter.
- Vail notes Perisher, located in the state of New South Wales, is Australia largest/most visited ski resort, and holds a long-term lease/license that lasts until 2048 with a 20-year renewal option. Perisher is expected to produce $16M in EBITDA and $6M in free cash flow in its first year of operation following the purchase.
- The deal will be financed using cash on hand and the revolver portion of Vail's credit facility.
Sep. 11, 2014, 12:40 PM
- Vail Resorts (MTN +8.3%) acquires the Park City Mountain Resort from Powdr Corp. for $182.5M.
- The deal ends all litigation between the two companies.
- Vail expects $35M in incremental EBITDA in FY15 as a result of the deal.
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