22 February 2019: 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 million 1), 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.
Merlin will report 2018 Preliminary Results on 28 February.
1Based on a AUD/GBP exchange rate of 1.84 on 21 February
We are pleased to reach this agreement with Vail Resorts , which will allow us to focus on our core business of location based enter tainment, 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.Nick Varney, Chief Executive Officer of Merlin Entertainments
For enquiries contact:
Simon Whittington +44 (0)1202 493 011
James Crampton +44 (0)1202 493 014
Imran Jina / Elena Georgantzi +44 (0)20 7404 5959
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