US ski giant Vail Resorts is entering Europe with a £121.5 million deal to take a stake in a Swiss counterpart.
The world’s largest ski resort operator is acquiring a 55% shareholding in Andermatt-Sedrun Sport AG.
The full amount of the transaction will be reinvested and used for the further expansion of the destination.
Andermatt Swiss Alps (ASA) will continue to hold approximately 40% of the shares in the company.
Vail Resorts owns and operates 40 ski resorts in the US, Canada and Australia.
Winter operations at the Swiss resort for 2021-22 will continue as planned until May 1. It has 16 ski lifts and 30 runs, and more than 100 km of pistes
There will be no change for employees, the two companies said.
The deal is expected to be completed prior to the 2022-23 ski season.
The US resort firm’s chief executive Kirsten Lynch said: “Entering the European ski market has been a long-term strategic priority for Vail Resorts.
“We are excited to be partnering with ASA and investing our capital and resources to support Andermatt-Sedrun’s transformation into a premier destination resort.
“We plan to rely heavily on and learn from our partners, community members and the Andermatt-Sedrun team as we gain experience and understanding of the resort, its guests, and operations.
“We are proud to add this incredible Swiss destination to our network of world-class resorts.”
Samih Sawiris, majority owner of ASA, added: “Vail Resorts is the ideal partner for our goal of developing Andermatt into the prime alpine destination.
“With Vail Resorts’ deep expertise in successful operations of integrated mountain destinations, the company’s impressive marketing capabilities and destination guest reach, and the additional capital investment in the resort, Vail Resorts will provide a significant boost to the development of Andermatt-Sedrun.”