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Vail Resorts closes Peak Resorts purchase

Vail Resorts Inc. on Sept. 24 closed its previously announced acquisition of Peak Resorts Inc. for $11 per share in cash, or about $166.8 million.

Following the deal, Vail Resorts said it will invest around $15 million to upgrade the acquired locations over the next two years. It also said it expects annual ongoing capital expenditures to increase by around $10 million to support the addition of Peak Resorts' ski areas.

Peak Resorts shares will be delisted from the Global Select Market, effective immediately.

Moelis & Co. LLC served as financial adviser to Peak Resorts, while Perkins Coie LLP, Sandberg Phoenix & von Gontard P.C. and Armstrong Teasdale LLP served as legal counsel.