One of Canada’s biggest ski resorts has struck a deal with an American company.
The sale of Whistler Blackcomb came with a hefty price tag.
In a statement, Colorado based Vail Resorts calls the friendly deal a ‘strategic business combination’.
On the table for Whistler Blackcomb shareholders is $676 million in cash and Vail stocks worth about $715 million, bringing the total deal to nearly $1.4 billion.
Whistler CEO Dave Brownlie says its “board of directors has also been monitoring the unique challenges facing the broader ski industry to the unpredictability of year-to-year regional weather patterns” and partnering with Vail would secure the resort’s long term future.
Brownlie also says “We will also continue our discussions with the Squamish and Lil’wat First Nations, on whose traditional lands we operate, regarding a business partnership that will benefit our communities, our province and our company for decades to come”.
Last April, Whistler Blackcomb unveiled their “Renaissance” plan, a $345 million plan that would make the resort a year-round destination.
Vail operates resorts in the U.S. and Australia.