SkiStar AB

07/02/2021 | Press release | Archived content

Conditions met for SkiStar and Peab’s deepened collaboration in Skiab on management and development of properties in the Scandinavian mountains

As announced by SkiStar on 27 May 2021, SkiStar and Peab have agreed to own, manage and develop jointly owned companies and properties in the Scandinavian mountains under a joint venture structure. Skiab Invest AB ('Skiab'), the existing joint venture company that is indirectly half-owned by the parties, will constitute the parent company in the joint venture structure. All conditions for carrying out the transaction that enables the collaboration have now been met; SkiStar's general meeting has approved the transaction and external financing has been received.

Given the above, mainly the following measures are now executed:

  • Transfers from SkiStar to Skiab of two existing hotel properties in Sälen - SkiStar Lodge Hundfjället (under construction) and SkiStar Lodge Lindvallen - as well as the hotel property in Hemsedal, SkiStar Lodge Alpin, through conveyances.
  • Transfers from SkiStar to Skiab of building rights in Sälen, Vemdalen and Åre through conveyances.
  • Transfers to Skiab from companies half-owned indirectly by SkiStar and Peab: one hotel in Hemsedal, SkiStar Lodge Suites, two hotels in Trysil, Radisson Blu Mountain Resort & Residences and Radisson Blu Resort, and a building right in Trysil through conveyances.
  • SkiStar's conclusion of leases with Skiab for six premises with hotel operations, where SkiStar is the tenant. The leases have a term of 12-25 years.
  • SkiStar and Peab capitalise Skiab, through wholly owned subsidiaries, proportional to their respective holdings.

'I am happy that the conditions for the transaction are met and that we now both can further develop our offering of high-class accommodation in the popular SkiStar Lodge concept hotels and take the next step in the collaboration between SkiStar and Peab within Skiab', says SkiStar's CEO Stefan Sjöstrand. 'Through the restructuring, we get the opportunity to create even better package solutions for mountain tourism. This will help SkiStar further strengthen its position as the leading holiday organiser for Scandinavia so we can continue to create memorable mountain experiences for our guests.'

Reference is also made to the previous press release relating to the transaction and the resolution of the extraordinary general meeting of SkiStar. The previously announced preliminary assessment remains regarding the transaction's earnings and cash effect for the company, as well as of the estimated effect on relevant key figures. The transaction's final impact on earnings and liquidity will be reported in SkiStar's Year-End Report, which will be published on 1 October 2021, and depends on inter alia the exchange rate that applies upon completion of the transaction.

The information was submitted for publication through the agency of the contact persons below on 2 July 2021 at 18:45 CEST.

For more information, please contact:
Stefan Sjöstrand, CEO, +46 (0)280 84160.
Anders Örnulf, CFO, +46 (0)280 84160.

About SkiStar:
SkiStar AB (publ) is listed on the Mid Cap list of the Nasdaq Stockholm exchange. The Group owns and operates alpine ski resorts in Sälen, Åre and Vemdalen and Hammarbybacken (Stockholm) in Sweden, Hemsedal and Trysil in Norway and St. Johann in Tirol in Austria. SkiStar's market share in Sweden is 53%, in Norway 29% and in Scandinavia 43%. The core business is alpine skiing, with a focus on the guest's overall skiing experience. Operations are divided into two segments: Operation of Ski Resorts and Property Development & Exploitation. For more information, see www.skistar.com/en/corporate.