Aspen Skiing Co., KSL Buying Intrawest Resorts Holdings
DENVER (AP) — The company that owns the Aspen area's ski resorts is teaming up with a private equity firm to buy the owner of several ski resorts in the United States and Canada.
Aspen Skiing Co. announced Monday it was partnering with Denver-based KSL Capital Partners to acquire Intrawest Resorts Holdings for about $1.5 billion, including debt.
"This transaction creates significant opportunity for Intrawest and delivers tremendous value to our current shareholders," said Thomas Marano, Intrawest's chief executive officer. "The cash consideration of $23.75 per share represents a 40% premium over $16.97 per share, Intrawest's closing stock price on January 12, 2017, the trading day prior to Reuters' report speculating that the Company was exploring a potential sale. We are excited to work with Aspen and KSL. 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."
Intrawest owns Steamboat Ski Resort in Colorado, Snowshoe in West Virginia, Stratton Mountain in Vermont, Mont Tremblant in Quebec, Blue Mountain in Ontario and the Canadian Mountain Holidays heliskiing operation in British Columbia. It also operates Winter Park ski area in Colorado.
KSL Capital Partners owns Squaw Valley and Alpine Meadows in the Lake Tahoe area.
Aspen Skiing Co. owns the Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk resorts.
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