Vail Resorts to acquire majority stake in Andermatt-Sedrun Sport AG
Vail Resorts (NYSE: MTN) has announced that it will acquire a majority stake in Andermatt-Sedrun Sport AG from Andermatt Swiss Alps AG (ASA), marking Vail Resorts' first strategic investment in, and opportunity to operate, a ski resort in Europe. Andermatt-Sedrun Sport AG is a renowned ski resort destination in Switzerland, which controls and operates all of the resort’s mountain and ski-related assets, including lifts, most of the restaurants and a ski school operation. Vail Resorts’ CHF 149 million investment is comprised of a CHF 110 million investment into Andermatt-Sedrun Sport AG for use in capital investments to enhance the guest experience on the mountain and CHF 39 million which will be paid to ASA and fully reinvested into the real estate developments in the base area. The transaction is subject to customary closing conditions and expected to close ahead of the 22/23 ski season.
Lenz & Staehelin advises Vail Resorts on this transaction. The team includes partners Beat Kühni and Tino Gaberthüel (both Corporate/M&A), Fabiano Menghini (Real Estate), Marcel Meinhardt (Competition) as well as Alex Wille, Tobias Weber, Rebecca Rötheli, Xavier Grivel, Stephanie Buschta and Jan Küng (all Corporate/M&A), Céline Stähelin (Real Estate), Anja Affolter Marino (Employment/Pension) and Desirée Stebler (Competition).