The Lagalb, Diavolezza and Piz Nair cable cars are changing hands. Engadin St. Moritz Mountains AG and Piz Nair AG have agreed on an overall solution for the three railways. Engadin St. Moritz Mountains acquires the current facilities of Piz Nair AG, in return Piz Nair AG acquires Diavolezza and Lagalb and is renamed Diavolezza Lagalb AG. The continued operation of Lagalb is thus ensured, and Pro Lagalb is included in the considerations of the new Diavolezza Lagalb AG.
Press release on behalf of Engadin St. Moritz Mountains AG, Piz Nair AG and Pro Lagalb
Diavolezza and Lagalb will move to the new Diavolezza Lagalb AG as of June 2017. In return, the facilities on Piz Nair go to Engadin St. Moritz Mountains AG. This overall solution creates clearly positioned mountain railway companies, which are already working well together today and taking joint responsibility for the development of tourist offerings in the Upper Engadin.
There are no plans to cut jobs. The parties have agreed not to disclose the terms of the transaction. The 2016/2017 winter season starts on October 22 at Diavolezza and on December 23, 2016 at Lagalb.
The overall solution for all three mountains was initiated by the Niarchos family of entrepreneurs, which hold majorities in Piz Nair AG and Corvatsch AG.
“We want to enable Lagalb to continue operating, but we only see an opportunity to do so if it can be operated together with Diavolezza,” explains Franco Tramèr, Chairman of the Board of Directors of Piz Nair AG. The new Diavolezza Lagalb AG will be a sister company of Corvatsch AG. “Thanks to our experience in high-alpine Corvatsch, we also have the know-how to operate the new Diavolezza Lagalb AG sustainably,” says Tramèr.
“The acquisition of Piz Nair is in line with our strategy of strengthening our core business. It allows us to improve the operation of the entire Corviglia Piz Nair area, which is in the interest of our guests in summer and winter,” explains Luis A. Wieser, Chairman of the Board of Directors of Engadin St. Moritz Mountains AG, who will finally decide on the deal next week.
Meaning of Pro Lagalb
“The Pro Lagalb initiative has helped us to initiate a comprehensive solution for all three mountains,” says Franco Tramèr. “Pro Lagalb has brought a number of interesting ideas to the public discussion about Lagalb and has done a lot of preparatory work. We would like to include them in our considerations and also invite Pro Lagalb's supporters to participate in the new Diavolezza Lagalb AG as shareholders.”
Co-initiators George Walliser and Rainer Good, who had successfully pushed ahead with the rescue of Lagalb since December 2015, are delighted.
“Together with the Diavolezza, much more is possible on Piz Lagalb than going it alone. We are pleased that the two mountain railway companies have come together to find a solution that is in the interest of the entire region. We highly appreciate the commitment of the Niarchos family. We will actively get involved and help develop an attractive offer for the future of tourism in Piz Lagalb, but also for the entire Upper Engadin.”