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Orascom Development Holding AG: Closing of CHF 149 million transaction with Vail Resorts, Inc. by Andermatt Swiss Alps

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Orascom Development Holding AG / Key word(s): Miscellaneous
Orascom Development Holding AG: Closing of CHF 149 million transaction with Vail Resorts, Inc. by Andermatt Swiss Alps
04.08.2022 / 08:30 CET/CEST

Media Release

Closing of CHF 149 million transaction with Vail Resorts, Inc. by Andermatt Swiss Alps

Altdorf, August 4, 2022 - Orascom Development Holding (ODH) is pleased to announce that Andermatt Swiss Alps (ASA), in which ODH owns a 49% stake, has closed the CHF 149 million transaction with Vail Resorts, Inc.

With the closing of the transaction on August 3, 2022, Vail Resorts, Inc. (Vail Resorts) and Andermatt Swiss Alps AG (ASA) have confirmed investments of CHF 149 million into the destination Andermatt-Sedrun. Together the two partners will accelerate the destination into “The Prime Alpine Destination”. ASA has also earmarked additional investments of CHF 350 million into its core business of real estate, hospitality and infrastructure over the next three to five years.

Vail Resorts’ CHF 149 million investment is comprised of two components: CHF 110 million investment into Andermatt-Sedrun Sport AG for use in capital investments to enhance the guest experience including lifts, snowmaking, gastronomy, leisure offerings and infrastructure on the mountain.

ASA will fully reinvest its proceeds of CHF 39 million, in addition to the already earmarked CHF 350 million investments, into the continued development of its core business for hotels, infrastructure, and expansion of Andermatt Reuss within the next three to five years. All funds will be shared between Andermatt and Sedrun.

After the approval of shareholders and authorities, Vail Resorts now owns a 55% stake in Andermatt-Sedrun Sport AG. ASA keeps a 40% stake in Andermatt-Sedrun Sport AG, while the remaining 5% is held by individual shareholders. The aim of the partnership between Vail Resorts and ASA is to develop Andermatt and Sedrun into the shared vision of “The Prime Alpine Destination”.

As of August 4, the management of the company will be the responsibility of Vail Resorts. Mike Goar is appointed Vice President, Chief Operating Officer and Managing Director of Andermatt-Sedrun Sport AG. There will be no other immediate changes to the ongoing operations of Andermatt-Sedrun, in particular the SkiArena Andermatt-Sedrun.

“I look forward to working with – and learning from – the incredible team at Andermatt-Sedrun as well as our passionate partners and the dedicated communities,” says Mike Goar. “I am excited to support the important investments being made into the destination as together, we work toward making Andermatt-Sedrun a premier alpine destination in Europe. We are proud to add this special resort to the Vail Resorts network and I am personally committed to operational excellence and collaboration.”

Raphael Krucker, CEO of Andermatt Swiss Alps AG and member of the board of Andermatt-Sedrun Sport AG: "Vail Resorts is the ideal partner to achieve our goal of further developing Andermatt and Sedrun into the Prime Alpine Destination. I am very much looking forward to the cooperation, the joint investments and the complementary know-how from Vail Resorts.”

About Orascom Development Holding (ODH):

ODH is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. ODH's diversified portfolio of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and Andermatt in Switzerland. The shares of ODH are listed on SIX Swiss Exchange. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located in the Sixth of October City.

Contact for Investors:

Ashraf Nessim

Chief Financial Officer    
Tel: +202 246 18961

Mob: +20 1222131612

Mob: +20 1221295555

Email: ir@orascomdh.com

 

Contact for Media:

Philippe Blangey       

Partner   
Dynamics Group AG
Tel: +41 432 68 32 35

Email: prb@dynamicsgroup.ch  
  

Disclaimer and Cautionary Statement

The information contained in this e-mail, its attachment and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. Certain statements in this e-mail and the attached news release may be forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Orascom Development Holding’s plans and objectives to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in our key markets; (ii) performance of financial markets; (iii) levels of interest rates and currency exchange rates; and (vii) changes in laws and regulations and in the policies of regulators may have a direct bearing on Orascom Development Holding’s results of operations and on whether Orascom Development Holding will achieve its targets. Orascom Development Holding undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events, or circumstances or otherwise. It should further be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser.

 




End of Media Release

Language:

English

Company:

Orascom Development Holding AG

Gotthardstraße 12

6460 Altdorf

Switzerland

Phone:

+41 41 874 17 17

Fax:

+41 41 874 17 07

E-mail:

ir@orascomdh.com

Internet:

www.orascomdh.com

ISIN:

CH0038285679

Valor:

A0NJ37

Listed:

SIX Swiss Exchange

EQS News ID:

1412939


 

End of News

EQS News Service

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