08/08/2016 03:38 EDT | Updated 08/09/2017 01:12 EDT

NewsAlert:Vale Resorts makes C$1.4-billion takeover offer for Whistler-Blackcomb

Whistler-Blackcomb Holdings — owner of one of Canada's biggest ski resorts — will be purchased by Colorado-based Vail Resorts Inc. under a friendly deal announced this morning by the companies.

Whistler CEO Dave Brownlie says Vale would provide greater financial strength and greater diversity through alliances in the United States, Australia and Canada.

The deal includes C$676 million of cash and stock worth about C$715 million — making the deal worth nearly C$1.4 billion.

More coming