Vail Resorts, Inc. (NYSE:MTN) entered into an agreement to acquire 84% stake in Remontees Mecaniques Crans-Montana-Aminona (CMA) SA from CPI Property Group (XTRA:O5G) for CHF 100 million on November 29, 2023. In related transactions, Vail Resorts, Inc. (NYSE:MTN) entered into an agreement to acquire 80% stake in SportLife AG and 11 restaurants located on and around the mountain on November 30, 2023. Subject to closing adjustments, the enterprise value of the resort operations is expected to be CHF 118.5 million.

The Company expects to fund the purchase price for the acquired ownership interest of the resort operations through cash on hand. Vail Resorts is committed to retaining the vast majority of employees, the existing operational infrastructure, and local expertise. The transaction is conditional upon several closing conditions and to be fulfilled in the coming weeks and subject to certain third-party consents.

The transaction is expected to close during the 2023-24 ski and ride season. As of March 11, 2024, transaction is expected to close in spring season. Beat Kühni, Tino Gaberthüel, Roman Graf, Fabiano Menghini, and Marcel Meinhardt of Lenz & Staehelin acted as legal advisor to Vail Resorts.

Pascal Favre of CMS Corporate/M&A team in Geneva acted as legal advisor to CPIPG.