Merlin Entertainments sells Australian ski resorts for £95m

Vail Resorts To Acquire Falls Creek And Hotham Ski Resorts In Australia

Vail Resorts To Acquire Falls Creek And Hotham Ski Resorts In Australia

United States ski-resort operator Vail Resorts continues to plough through Australia's snowfields, snapping up Victoria's Falls Creek and Hotham resorts for about $174 million.

The Alton Towers and Legoland owner has offloaded the business to Vail Resorts so it can focus on its tourist attractions and theme parks.

Legoland and Madame Tussauds owner Merlin Entertainments has sold its Australian ski resorts, Hotham and Falls Creek, to Vail Resorts, for AUD174m (£95m).

Nick Varney, Merlin's chief executive, said the sale would allow the firm to focus on its "core business of location-based entertainment, specifically theme parks and Midway attractions".

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Shares fell 1.2 per cent, or 4.4p, to 361.6p.

U.S. mountain resort firm Vail Resorts, which has been expanding its ski empire in the last 12 months, has snapped up the Hotham and Falls Creek resorts in a deal worth £95m.

Merlin said the purchase price represents a multiple of 8.8x 2018 EBITDA.

"After our success connecting with skiers in Sydney and across New South Wales since acquiring Perisher in 2015, we have a huge opportunity to create a deeper connection with Melbourne and broader Victorian skiers and riders".

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