Merlin Entertainments sells Australian ski resorts for £95m
By Michele Maatouk
Date: Friday 22 Feb 2019
(Sharecast News) - Legoland and Madame Tussauds owner Merlin Entertainments has sold its Australian ski resorts, Hotham and Falls Creek, to Vail Resorts, for AUD174m (£95m).
Merlin said the purchase price represents a multiple of 8.8x 2018 EBITDA.
Net proceeds from the deal, which is subject to regulatory approval and is expected to close by June, will be used for general corporate purposes.
Chief executive officer Nick Varney 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."
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