(RTTNews) – Vail Resorts Inc. (MTN) said it agreed to buy Peak Resorts Inc. (SKIS) for $11.00 per share. The aggregate purchase price for all Peak Resorts common stock is estimated to be about $264 million.

The transaction was approved by both companies’ Boards of Directors, and the Peak Resorts Board of Directors also recommends that Peak Resorts’ shareholders approve the transaction.

The transaction is expected to close this fall. Upon closing, Vail Resorts plans to retain the vast majority of each resort’s employees.