Peak Resorts completes the acquisition of Snow Time. It adds three popular Pennsylvania resorts to growing Northeast portfolio
Snow Time Season Pass Upgrade Results Demonstrate the Strong Appeal of the Unlimited Peak Pass
Peak Resorts, Inc. (NASDAQ:SKIS) (“Peak” or the “Company”), a leading owner and operator of high-quality, individually branded U.S. ski resorts, announced today that it has completed its previously announced acquisition of Snow Time, Inc. (“Snow Time”). Pursuant to the terms of the transaction, Peak Resorts paid approximately $70 million in cash consideration to Snow Time and issued approximately 1.18 million shares of its common stock to Snow Time’s shareholders at a price of $5.07 per share, for total consideration of approximately $76.0 million. Financing for the cash portion of the purchase price consists of: a $50 million, two-year senior secured term loan from CAP 1 LLC, which will accrue interest at an annual rate of 6.95% and carry no prepayment penalty; and $20 million in proceeds from the sale of 20,000 shares of Series A cumulative convertible preferred stock and issuance of accompanying warrants to CAP 1 LLC pursuant to an existing securities purchase agreement.
La Rosière is a great resort that holds the key to a French-Italian ski area with 160km of pistes, boasting long and gentle, sunny slopes on the French side and more challenging skiing on the north face of the mountain in the Aosta Valley. La Rosière is perfect for all types of skier: families and beginners can meander around the sunny southern side of the mountain while pleasure-seekers set off on a quest to sample some Italian delicacies across the border. Perched on a mountain balcony overlooking the Tarentaise Valley, La Rosière offers wraparound views and glorious sunshine from dawn to dusk!
Géraldine Fasnacht has embarked on an exceptional night flight over the Grand Combin in Valais (Switzerland), with only the first light of day, at high altitude, 1500m above 4000m peaks. With her suit Wingsuit, fully illuminated, Geraldine crisscrossed the sky like a shooting star in the night.
I had the chance to visit Andorra and Grandvalira recently and I was very surprised with what I’ve found. The Pyrenées are not as big and mighty as the cousins the Alps, but they do have an appeal that grows in you! I have no idea what to expect. I’ve always heard that Andorra is a cheap place to go skiing, as mostly all is duty free. Also, it is a popular spot for those ski instructors doing double seasons from South America.