Whistler Blackcomb will be sold to Vail Resorts Inc., the companies revealed this morning (August 8).

Vail Resorts Inc. is an American corporation that owns ski and snowboard mountains in Colorado, California, and Wisconsin.

It negotiated to purchase Whistler Blackcomb from the B.C.-based Whistler Blackcomb Holdings for $1.39 billion.

An official announcement of the deal is scheduled for 11 a.m. today.

Quoted in the Globe and Mail, Whistler Blackcomb CEO Dave Brownlie praised Vail Resort’s track record, especially on successful marketing campaigns and its commitment to invest in improvements of its properties.

The deal has already been approved by both companies’ boards of directors.

Whistler Blackcomb was owned by the B.C.-based Intrawest Resorts Holdings until 2006, when that company was purchased by the U.S. asset management firm Fortress Investment Group. Shortly after, Fortress was forced to sell Whistler Blackcomb after failing to repay a loan that it had used to finance the purchase. That led to the creation of Whistler Blackcomb Holdings with a public offering on the Toronto Stock Exchange in 2010.