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UPDATE 1-Vail Resorts to buy remaining 30 pct stake in SSV
April 29, 2010 / 2:11 PM / 8 years ago

UPDATE 1-Vail Resorts to buy remaining 30 pct stake in SSV

* To buy stake for $31 mln

* Says Tom and Ken Gart to leave leadership positions

* Says Kat Jobanputra to take over their positions

April 29 (Reuters) - Vail Resorts Inc (MTN.N) said it would buy the remaining 30 percent stake in its joint venture, SSI Venture LLC, from affiliates of Tom and Ken Gart for $31 million.

SSI Venture LLC, known as Specialty Sports Venture (SSV), has more than 145 retail-rental locations specializing in sporting goods and its portfolio includes Colorado Ski & Golf, Bicycle Village and slope side shops.

With the acquisition, which is expected to close on April 30, both Tom and Ken Gart would be leaving their leadership positions with SSV, which would be taken over by Kat Jobanputra, chief operating officer of SSV, the company said in a statement.

Vail Resorts said Jobanputra and 52 other corporate employees would be relocated to its headquarters in Broomfield from Denver.

Shares of Vail Resorts, whose subsidiaries operate the mountain resort properties of Vail, Beaver Creek, Breckenridge in Colorado, were up 2 percent at $46.67 in Thursday morning trade on the New York Stock Exchange. (Reporting by Shobhana Chadha in Bangalore; Editing by Jarshad Kakkrakandy)

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