Zurich (awp) – The general meeting of the Andermatt-Sedrun ski area operating company (Andermatt-Sedrun Sport) laid the foundations for the takeover of the company by the American Vail Resorts on Saturday. The shareholders also accepted the creation of the single registered share and a capital increase of up to 150 million Swiss francs.
The capital increase was necessary for the finalization of the transaction with Vail Resorts, said the company majority-owned by Andermatt Swiss Alps of Samih Sawiris. The green lights from the cantonal authorities of Uri and Graubünden were also a condition for carrying out the operation.
The meeting proceeded to the election of eight new directors: Michael Barkin, Patricia Campbell, Mike Goar, Matthias Oertle, Michael “Bo” Heitz, Timothy Walker, Tracey Clark-Turner and Ahmed Dessouky, as representative of Andermatt Swiss Alp . Pancrazi Berther, Franz Egle, Adrian Murer and Melina Marty did not show up. Raphael Krucker, Peter Baumann, Martin Cavegn, Bernhard Russi and Marcel Christen were reappointed for a period.
Andermatt Swiss Alps announced the sale of a 55% stake in Andermatt-Sedrun Sport to Vail Resorts last March. The American company intends to invest 149 million dollars in the company, including approximately 110 million for the development of the slopes, the ski lift installations and the artificial snowmaking as well as in the restoration.
Vail Resorts operates 40 ski areas in the United States, Canada and Australia. The well-known areas of Vail and Bever Creek in Colorado and Park City in Utah are part of his portfolio, as well as a majority stake in Canada’s Whistler Mountain. In 2021, the company made $1.9 billion in revenue.
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