22 Feb 2019 07:00
Announcement re: disposal of Ski Resorts
Merlin Entertainments, a global leader in location based entertainment, announces the sale of its Australian ski resorts, Hotham and Falls Creek, to Vail Resorts, Inc.
The purchase price is A$174 million (£95 million1), subject to certain adjustments related to the timing of closing, which represents a multiple of 8.8x 2018 EBITDA. The deal is subject to regulatory approval and is expected to close by June 2019. Net proceeds will be used for general corporate purposes.
Nick Varney, Chief Executive Officer of Merlin Entertainments, said:
"We are pleased to reach this agreement with Vail Resorts, which will allow us to focus on our core business of location based entertainment, specifically theme parks and Midway attractions. It will see the business transfer to a company with a strong track record in ski resort development, and we wish Vail Resorts and the teams in Australia well."
Merlin will report 2018 Preliminary Results on 28 February.
1Based on a AUD/GBP exchange rate of 1.84 on 21 February
Contact details:
For further information please contact:
Investors
Simon Whittington | +44 (0) 1202 493 011 |
Media
James Crampton | +44 (0)1202 493 014 |
Notes to editors
Merlin Entertainments plc is a global leader in location based, family entertainment. As Europe's Number 1 and the world's second-largest visitor attraction operator, Merlin now operates over 120 attractions, 18 hotels and 6 holiday villages in 25 countries and across 4 continents. Merlin's purpose is to deliver memorable experiences to its over 65 million guests around the word, through its iconic global and local brands, and the commitment and passion of its c.28,000 employees (peak season).
Merlin acquired Hotham Ski Resort and Falls Creek Ski Resort in 2012 through the acquisition of Living and Leisure Australia for which Merlin paid A$243 million.
www.merlinentertainments.biz