Vail Resorts has completed the purchase of a majority stake in Andermatt-Sedrun Sport AG, a renowned ski resort in central Switzerland that controls and operates the mountain and ski area assets.
Vail Resorts has acquired a 55% stake in the resort's operations from Andermatt Swiss Alps AG, which retains a 40% stake, with a group of existing shareholders holding the remaining 5%.
The final purchase price of €152.6 million will be fully reinvested in the resort, with €112.7 million allocated to capital investment to enhance the customer experience on the mountain and €40 million paid to ASA and reinvested in property developments in the base area.
The acquisition represents the first strategic investment by Vail Resorts, a US-based tourism and ski area company, in a ski resort in Europe, as well as the first opportunity to operate the resort.
Andermatt-Sedrun Sport AG benefits from an attractive location thanks to its proximity to the three major Swiss metropolitan areas of Zurich, Lucerne and Lugano as well as to Italy.
The new Vice President, COO and General Manager of Andermatt-Sedrun Sport AG appointed as a result of this transaction is Mike Goar, former Vice President and COO of Park City Mountain in Utah, the largest resort in the US.
I look forward to working with and learning from the incredible team at Andermatt-Sedrun and the dedicated community and government partners. I am excited to support the significant investments being made in the resort as we work together to further develop Andermatt-Sedrun as a leading alpine destination in Europe. We are proud to add this special resort to the Vail Resorts network and I am personally committed to operational excellence and collaboration.
Mike Goar, Vice President, Chief Operating Officer and Managing Director of Andermatt-Sedrun Sport AG