VANCOUVER — Whistler Blackcomb Holdings, the owner of one of Canada's biggest and most popular ski resorts, is being sold to Colorado-based Vail Resorts under a friendly deal the two companies announced Monday.
Dave Brownlie, CEO of Whistler Blackcomb Holdings, said the takeover would help his company fulfil its plans to grow and give it greater marketing exposure.
"Whistler Blackcomb has enjoyed tremendous success by delivering an exceptional mountain experience for our passionate and loyal guests — both locally and from around the world," Brownlie said in a statement.
"That's going to continue as we work with our new colleagues at Vail Resorts as well as our employees, local businesses, community and government stakeholders to make Whistler Blackcomb better than ever."
When it opened in 1966, the Whistler resort featured a four-person gondola, a double chairlift and a day lodge. It has since grown to become one of the premier ski destinations in North America, serving as a host site for the Olympic Winter Games in 2010.
Vail Resorts CEO Rob Katz said he is committed to further expanding the all-season resort, located about 125 kilometres north of Vancouver.
"Whistler Blackcomb is one of the most iconic mountain resorts in the world with an incredible history, passionate employees and a strong community," he said in a statement.
.@VailResorts joins forces with @WhistlerBlckcmb, the largest resort in North America https://t.co/nMJ8kyiW3k
— VailResorts (@VailResorts) August 8, 2016
"With our combined experience and expertise, together we will build upon the guest experience at Whistler Blackcomb while preserving the unique brand and character of the resort as an iconic Canadian destination for guests around the world."
Whistler Blackcomb (TSX:WB) shareholders are being offered C$676 million of cash and Vail stock (NYSE:MTN) worth about C$715 million, making the deal worth nearly C$1.4 billion when it was announced.
Whistler Blackcomb shares closed in Toronto on Friday at C$25.14 — giving it a market value of about C$960 million prior to Monday's announcement.
Shares of Whistler Blackcomb jumped to a new all-time high when markets opened Monday, rising above C$36 per share in Toronto. In New York, Vail Resorts stock was also trading at the highest in at least a decade, trading at about US$150 shortly after the open.
Vail Resorts operates nine mountain resorts and two ski areas in the U.S. and Australia.
The deal is expected to close this fall.
DOWN THE HALF-PIPE: A LOOK AT WHISTLER BLACKCOMB, OWNER OF FAMED SKI HILL RESORT
History: A group of businessmen from Vancouver led by Franz Wilhelmsen established Garibaldi Lifts Limited in 1960 in the hopes of developing an alpine ski area on London Mountain. That mountain was later renamed Whistler Mountain in tribute to a local marmot that whistled. In January 1966, the hill opened to the public, featuring a four-person gondola, a double chairlift, two T-bars and a day lodge.
Tale of the Tape: Whistler Blackcomb employs about 3,800 people. Its resort features more than 100 marked runs, a mile-high vertical drop and 1,925 hectares of skiable area — about five times the size of Vancouver's Stanley Park.
The Buyer: Vail Resorts operates nine mountain resorts and two ski areas in Colorado, Utah, California, Nevada, Wisconsin, Minnesota, Michigan and Australia.
Interesting Fact: From royalty to pot-smoking Olympians, many have graced Whistler's hills, including Prince William, Demi Moore, Ashton Kutcher and Ross Rebagliati, the world's first snowboard gold medallist at the 1998 Winter Olympics in Japan.
