Vail Resorts Inc. has closed its acquisition of Peak Resorts Inc. for $11 per share, which it announced in July. Vail Resorts has added 17 U.S. ski areas — including Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio, and Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania — bringing its total number of owned and operated resorts to 37 worldwide.
Following the closing, Vail Resorts plans to invest approximately $15 million over the next two years in one-time capital spending to elevate the guest experience at these resorts. Additionally, the company’s annual ongoing capital expenditures are expected to increase by approximately $10 million to support the addition of the new ski areas.
Peak’s common stock was delisted from the Nasdaq Global Select Market at the close of trading Sept. 24, 2019.
The new resorts are located in the Northeast, Mid-Atlantic and Midwest, near major metropolitan areas including New York, Boston, Washington, D.C., Baltimore, St. Louis, Kansas City and Louisville.