A newly-formed entity controlled by affiliates of the Aspen Skiing Company and KSL Capital Partners have entered into an agreement to purchase Intrawest Resorts Holdings. According to terms of the acquisition, Intrawest stockholders will receive $23.75 in cash for each share of Intrawest common stock, representing a total valuation of approximately $1.5 billion including debt obligations to be assumed or refinanced net of cash at closing. The transaction, which is expected to close by the end of Q3, was unanimously approved by the board of directors of Intrawest.
Included in the sale are resorts such as Blue Mountain, Ontario; Snowshoe Mountain, West Virginia; Steamboat Ski Resort, Colorado; Stratton Mountain Resort, Vermont; Mont Tremblant Resort, Quebec; Canadian Mountain Holidays, Alberta; and Winter Park, Colorado.
“This transaction creates significant opportunity for Intrawest and delivers tremendous value to our current shareholders,” said Thomas Marano, Intrawest’s chief executive officer. He said the price shareholders were being offered represents a 40 percent premium over what the shares were worth the day before a Reuters report speculated the company was considering a sale.
