U.S. ski resorts operator Peak Resorts to buy Snow Time for $76 mln

U.S.-based ski resorts operator Peak Resorts has agreed to acquire peer Snow Time for $76 million in total consideration.

Peak Resorts said that the deal offers an opportunity for the company to dramatically grow by expanding the number of destinations for its Peak Pass holders in the Northeast while growing its presence in the very attractive and densely populated markets of Baltimore and Washington.

Snow Time generated approximately $50 million in revenue and approximately $11 million in adjusted earnings before interest, tax, depreciation and amortization for the twelve-month period ended on March 31, 2018.

The transaction is expected to be completed prior to the beginning of the 2018/2019 ski season, subject to the satisfaction of customary closing conditions.