Vail Resorts to acquire majority stake in Crans-Montana Mountain Resort
Vail Resorts (NYSE: MTN) has announced today that it will acquire an 84-percent ownership stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA, which controls and operates the Crans-Montana Mountain Resort in Switzerland, from CPI Property Group. Together with the Crans-Montana Mountain Resort, Vail Resorts will also acquire an 80-percent ownership stake in SportLife AG, which operates one of the ski schools located at the resort, and 11 restaurants located on and around the mountain. Subject to closing adjustments, the valuation for the resort operations is expected to be CHF 118.5 million. The transaction is subject to customary closing conditions and expected to close during the 2023-24 ski and ride season.
Lenz & Staehelin advises Vail Resorts on this transaction. The team includes partners Beat Kühni, Tino Gaberthüel and Roman Graf (all Corporate/M&A), Fabiano Menghini (Real Estate), Marcel Meinhardt (Competition) as well as Ann Francesca Weibel, Vincent Huynh Dac, Stephanie Buschta, Flavia Lanz and Jérémie Bongiovanni (all Corporate/M&A), Alex Coulaud, Cécile Christen and Noémie Ammann (all Real Estate) and Jacomo Restellini (Employment/Pension).