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Vail Resorts to Buy Whistler Blackcomb for $1.4 Billion CDN
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(Posted on Aug 8, 2016 at 02:08PM by Michelle Bogle)
Colorado-based Vail Resorts Inc. has announced that it will be buying B.C.’s Whistler Blackcomb for a reported $1.4 billion CDN ($1.1 billion USD).
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In this deal, Vail will acquire 100% of Whistler Blackcomb's stock, paying shareholders $17.50 CDN in cash and 0.0975 of Vail Resorts common stock, with a total value of about $36 CDN per share. The deal is expected to close this fall.
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"This relationship will bring greater resources to support our current operations and our ambitious growth plans, including the Renaissance project – the most exciting and transformative investment in Whistler Blackcomb's history," Dave Brownlie, Whistler Blackcomb's CEO, said in a statement. He will continue to lead Whistler Blackcomb as chief operating officer.
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For Vail CEO Rob Katz, his outlook is also positive, saying that the combined expertise of the two companies will improve the experience for guests and preserve the brand and character of the popular all-season resort.
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Major deals and projects, such as the Whistler Blackcomb Renaissance and the Woodfibre LNG plant in neighbouring Squamish, are transforming the Sea-to-Sky corridor’s economy and thus fueling demand for real estate – both residential developments and commercial.Â
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David Fox, our Sky-to-Sky expert, is keeping a watchful eye on commercial real estate activity in Whistler and Squamish. To learn more, please contact him directly with your inquiries.
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