Colorado-based Vail Resorts Inc. plans to take over 17 U.S. ski areas ranging from the Northeast to the Midwest—including Paoli Peaks in southern Indiana—by acquiring Peak Resorts Inc. for $264 million.
In addition to Paoli Peaks, Peak Resorts has ski areas are in Missouri, New Hampshire, New York, Ohio, Pennsylvania and Vermont.
The company said the deal is expected to close this fall if regulators and shareholders approve. Vail Resorts agreed to acquire 100 percent of Peak Resorts’ stock for $11 per share.
The newly acquired resorts would be included in Vail’s Epic season pass. Vail said it plans to spend about $15 million over the next two years on improvements at the properties.
The ski areas are near 10 metropolitan areas: Cleveland; Columbus, Ohio; Baltimore; Boston; Kansas City, Missouri; Louisville, Kentucky; New York; Philadelphia; St. Louis; and Washington.
Vail, which owns 20 other ski areas in the United States, Canada and Australia, will acquire:
— Mount Snow in Vermont;
— Hunter Mountain in New York;
— Attitash Mountain Resort, Wildcat Mountain and Crotched Mountain in New Hampshire;
— Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder in Pennsylvania;
— Alpine Valley, Boston Mills, Brandywine and Mad River Mountain in Ohio;
— Hidden Valley and Snow Creek in Missouri;
— Paoli Peaks in Indiana.