Peak Resorts Inc. on Monday announced that it has completed its previously announced acquisition of Snow Time Inc. for $76 million.

Read more: Behind The Deal: Peak Resorts Makes Strong Play With Snow Time Acquisition

Pursuant to the terms of the transaction, Peak Resorts paid approximately $70 million in cash consideration to Snow Time and issued approximately 1.18 million shares of its common stock to Snow Time’s shareholders at a price of $5.07 per share, for total consideration of approximately $76 million.

Financing for the cash portion of the purchase price consists of: a $50 million, two-year senior secured term loan from CAP 1 LLC, which will accrue interest at an annual rate of 6.95 percent and carry no prepayment penalty; and $20 million in proceeds from the sale of 20,000 shares of Series A cumulative convertible preferred stock and issuance of accompanying warrants to CAP 1 LLC pursuant to an existing securities purchase agreement.

The company also announced today that through October 31, 2018, Snow Time pass sales increased by approximately 20 percent on a unit basis and by approximately 19 percent on a revenue basis, compared to the prior year. Approximately 27 percent of Snow Time season pass holders took advantage of the company’s buy-up offer and upgraded to the Peak Pass.

“We are delighted to kick off the winter season by welcoming Liberty, Whitetail and Roundtop to the Peak Resorts family following the completion of our acquisition of Snow Time,” said Timothy D. Boyd, president and CEO of Peak Resorts. “Our entire team is excited to begin working with the Naylor family’s three beautiful resorts as we look to build on their legacy and further elevate the guest experience while introducing the Peak Pass and our other resorts to skiers across the Mid-Atlantic. The addition of the Snow Time properties to our growing portfolio of Northeast and Midwest operations further expands our reach into the affluent and densely populated Baltimore and Washington D.C. markets and provides our customers in the Northeast with three new complementary and conveniently located mountains where they can ski and ride as well as enjoy a four season resort experience.

“We have also seen strong acceptance for the Peak Pass as demonstrated by the 27 percent of Snow Time pass holders who elected to trade-up to our unlimited pass offering through October 31. We are very pleased that Snow Time’s season pass holders are upgrading to the Peak Pass at such healthy levels, reflecting what we believe is their excitement to have an opportunity to ski at their home resort while also exploring the Catskills in New York, the Green Mountains in Vermont and the White Mountains in New Hampshire. Since introducing the Peak Pass, our goal has been to provide an unlimited pass for all ages that offers unmatched value for guests who live within driving distance of our resorts and visit us frequently throughout the season. We believe this goal is a key driver of our success and we look forward to a great 2018/2019 ski season.”

The acquisition of Snow Time expands Peak Resorts’ portfolio to 17 resorts across the Northeast and Midwest through the addition of three ski resorts in Pennsylvania – Liberty Mountain Resort, Whitetail Resort and Roundtop Mountain Resort – which are within driving distance of the Baltimore-Washington D.C. market, a metropolitan region that comprises nearly 10 million people. Snow Time’s three resorts welcomed more than 600,000 visitors during the 2017/2018 ski season and offer a combined 65 trails, more than 325 skiable acres, and an average of approximately 700 vertical feet of terrain. Through the transaction, Peak Resorts now operates two 18-hole golf courses, a 115-room hotel and 22,000 square foot conference center at Liberty Mountain Resort, and more than 20 food and beverage locations across the three acquired Snow Time properties.