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  
  

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