For weeks, the signs have been there: fleet cars with Colorado plates cruising the Mountain Road, helicopters hovering over Spruce Peak, rumors of Vail Resort’s senior management locked in closed door sessions with the head honchos from Stowe Mountain Resort and AIG.
Today, at 8:00 am Vail Resorts announced it had entered an agreement to acquire Stowe Mountain Resort from Mt. Mansfield Company, Inc. (MMC), a wholly owned subsidiary of American International Group, Inc. (AIG), for a purchase price of $50 million, subject to certain adjustments. Stowe Mountain Resort will be Vail Resorts’ first mountain resort on the East Coast and complements the Company’s network of 10 world-class mountain resorts and three urban ski areas. Click on the headline above for the full story.