Intrawest Resorts to be acquired by Aspen Skiing and KSL Capital for $1.5 bn
10 Apr 2017
North American ski resorts owner Intrawest Resorts Holdings Inc today said that it is being acquired by Aspen Skiing Company and private equity firm KSL Capital Partners for $1.5 billion including debt.
Under the terms of the deal, Intrawest shareholders will receive $23.75 in cash, a 40 per cent premium to Intrawest's closing stock price of over $16.97 on 12 January, the trading day prior to Reuters' report speculating that the company was exploring a potential sale.
The transaction has been unanimously approved by the board of Intrawest. Stockholders representing a majority of the voting shares of Intrawest have also approved the transaction, which is expected to close by the end of the third quarter of calendar year 2017.
''This transaction creates significant opportunity for Intrawest and delivers tremendous value to our current shareholders,'' said Thomas Marano, Intrawest's CEO.
''Our new partners bring additional financial resources and a shared passion for the mountains and our mountain communities. Both Aspen and KSL are committed to helping Intrawest accelerate our plans to bring more value to our guests, more opportunities for our employees and more investment into our local communities,'' he added.
Intrawest is the largest developer and operator of resort properties in North America offering skiing, snowboarding, golf, mountain biking, lodging, and real estate opportunities at each of its resorts.
The Denver, Colorado-based company develops real estate at its resorts and at other locations across North America and owns Canadian Mountain Holidays, the largest heli-skiing operation in the world.
It also owns popular ski resorts that include Stratton Mountain in Vermont, Mont Tremblant in Quebec, Steamboat in Colorado, Blue Mountain in Ontario, Zihuatanejo in Mexico, and Snowshoe Mountain in West Virginia.
Intrawest also manages Honua Kai Resort & Spa, located in Maui Hawaii and The Westin Monache at Mammoth, both condominium hotel properties and also Winter City Park, in Colorado which is owned by the town of Winter Park.
Intrawest's largest shareholder is Fortress Investment Group LLC, which acquired the company in 2006 for $2.8 billion, and then took it public again in 2014.
Aspen Skiing owns and operates the four mountains of Aspen Snowmass – Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk – as well hospitality properties The Little Nell, Residences at The Little Nell, Limelight Aspen and Limelight Ketchum in Ketchum in Idaho.
In addition, it also owns and operates numerous retail and rental locations through the resort and the Roaring Fork Valley.
