The deal more than doubled Peak Resorts' stock price, which recently was at $10.86. Vail Resorts' stock was up 2.8% at $231.98.
Peak Resorts, the Wildwood, Mo., ski resort owner and operator, runs 17 ski areas in the U.S. Vail Resorts, Broomfield, Colo., has a network of a few dozen resorts located in several countries.
"For over 22 years, our team has worked tirelessly to create what is one of the country's premier ski resort companies, with 17 properties across the Northeast, Mid-Atlantic and Midwest. We are now delighted to announce this agreement with Vail Resorts that creates substantial value for our shareholders and new opportunities for our guests," Boyd said in a statement.
Rob Katz, chairman and CEO of Vail Resorts:
"Peak Resorts' ski areas in the Northeast are a perfect complement to our existing resorts and together will provide a very compelling offering to our guests in New York and Boston. With this acquisition, we're also able to make a much stronger connection to guests in critical cities in the Mid-Atlantic and Midwest, and build on the success we have already seen with our strategy in Chicago, Minneapolis and Detroit," Katz said in a statement.