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Vail Resorts Closes Acquisition of Majority Stake in and Operate Swiss Resort Andermatt-Sedrun Sport.

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Vincent

MANews-(C)2009-2022

US-based mountain resort operator Vail Resorts, Inc. (NYSE: MTN) has closed the acquisition of a majority stake in Switzerland-based ski resort operator Andermatt-Sedrun Sport AG from Andermatt Swiss Alps AG, marking the company's first strategic investment in, and opportunity to operate, a ski resort in Europe, the company said.

Andermatt-Sedrun is a renowned destination ski resort in Central Switzerland, located less than 90 minutes from three of Switzerland's major metropolitan areas (Zurich, Lucerne and Lugano) and approximately two hours from Milan, Italy.

Vail Resorts has acquired a 55% ownership stake in Andermatt-Sedrun Sport AG, 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.

ASA will retain a 40% ownership stake in Andermatt-Sedrun Sport AG, with a group of existing shareholders comprising the remaining 5% ownership.

Andermatt-Sedrun is one of the most ambitious resort development opportunities in Europe. Since originally investing in the resort in 2007, ASA's majority shareholder, Samih Sawiris, has invested over CHF 1.3bn into the surrounding base area and over CHF 150m into the ski resort, creating one of the leading luxury resorts in Switzerland.

ASA's extensive investments in high end lodging in the base area include The Chedi Andermatt, a world class...

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