Andermatt Swiss Alps and Vail Resorts concluded the acquisition of a 55 percent stake in Andermatt-Sedrun Sport AG on August 3, further details of which can be found in a press release issued by Andermatt Swiss Alps AG. The US operator of ski resorts headquartered in Broomfield in the US State of Colorado has committed a total of 110 million Swiss francs in investments aimed at transforming Andermatt and Sedrun into a Prime Alpine Destination.
Andermatt Swiss Alps has pledged to fully reinvest the transaction proceeds of 39 million Swiss francs. In addition, the company, which is responsible for the development, realization and operation of the holiday destination, intends to invest a further 350 million Swiss francs over the next three to five years to drive the “continued development of its core business for hotels, infrastructure, and expansion of Andermatt Reuss”, the press release explains.
“Vail Resorts is the ideal partner to achieve our goal”, says Raphael Krucker, CEO of Andermatt Swiss Alps AG and member of the board of Andermatt Sedrun Sport AG, in the press release. The partners will now jointly seek to expand Andermatt and Sedrun into a Prime Alpine Destination.
Following the completion of the majority takeover, Vail Resorts manager Mike Goar has been appointed Vice President, Chief Operating Officer and Managing Director of Andermatt-Sedrun Sport AG. Andermatt Swiss Alps AG holds 40 percent of the shares, with a further 5 percent in free float.