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Slovak TMR buys Polish mountain resort, plans EUR 30 mln investment
March 7, 2014 / 2:38 PM / 4 years ago

Slovak TMR buys Polish mountain resort, plans EUR 30 mln investment

PRAGUE, March 7 (Reuters) - Slovak ski-resort operator Tatry Mountain Resorts has agreed to buy a 97 percent stake in Polish mountain resort Szczyrkowski Osrodek Narciarski (SON) and plans to invest 30 million euros into its development, the company said on Friday.

The price of the transaction was not released.

The acquisition gives the firm, listed in Prague, Warsaw and Bratislava, a foothold in the Polish market in addition to its operations in Slovakia and the Czech Republic.

“TMR plans to build several new cableways, snow-making systems and to develop other infrastructure for SON to get to the level of the most developed ski resorts in Poland,” TMR said in a statement.

SON has 25 km of ski runs.

MR revenues rose 24 percent last year to 54.3 million euros in 2013. The company, with market capitalisation of $200 million, said it had invested nearly 190 million euros into its Slovak and Czech operations. (Reporting by Barbora Soldatova; Editing by Jason Hovet)

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