Vail Resorts Inc. announced Monday that it will buy the iconic Whistler Blackcomb resort in BC, Canada, for $1.06 billion.
Whistler, owned by Whistler Blackcomb Holdings, Inc., is the largest in Canada and claims to be the most popular ski destination on the continent.
Broomfield-based Vail Resorts, Inc., will make the purchase with about $513 million in cash and $543 million in stock. Vail will get 100 percent of Whistler Blackcomb's stocks, along with $132 million of existing debt with options to refinance.
Whistler Backcomb stockholders will get about $13.31 per share and 0.0975 shares of Vail common stock, valued at about $27.
As for leadership, the Whistler Blackcomb Inc. CEO Dave Brownlie will remain in charge of operations at Whistler and will be added to the Vail Resorts senior leadership team that manages ski areas.
Whistler Blackcomb will nominate one of their executives to Vail Resorts' board of directors.
As for your season passes? Nothing will change - this year.
For the 2016-2017 season, passes at Whistler Blackcomb will remain the same. For 2017-2018, Vail Resorts hopes to incorporate Whistler Blackcomb into its Epic Pass program.
The deal is expected to close this fall.
Multimedia business & healthcare reporter Chloe Aiello can be reached via email at [email protected] or twitter.com/chlobo_ilo.
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