Aspen Skiing Company/KSL Partnership Buys Intrawest Resorts and Four Additional California Resorts
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April, 2017—According to Ski are Management and other media sources, Aspen Skiing Company and KSL Capital Partners have formed a new entity and entered into a definitive agreement to acquire Intrawest in a deal valued at $1.5 billion. Intrawest resorts include Steamboat, Winter Park, Tremblant, Stratton, Snowshoe, and Blue Mountain (Ont.)
“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 percent 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.”
“Intrawest is a collection of remarkable properties in exceptional locations. Each has its own unique story and its own unique sense of place,” said Eric Resnick, chief executive officer of KSL. “We are committed to honoring the deep traditions of each resort, while working with Intrawest’s talented management team and employees to continue to serve both their guests and local communities.”
“We are excited to be part of the investment group that is going to work hard to help realize the collective potential of Intrawest’s portfolio of resorts,” said Mike Kaplan, chief executive officer of Aspen.
For the 2017-18 winter season, each Intrawest resort will continue to honor the resort’s existing pass products that are currently on sale, including the Rocky Mountain Super Pass + and the M.A.X. Pass.
While not a condition to the merger, Squaw Valley Ski Holdings, the parent company of Squaw Valley /Alpine Meadows resort and an affiliate of KSL, will also become part of the entity at closing, but continue to operate under its current management.
Subsequent to the acquisition, the Aspen/KSL coalition also announce that they also added California’s Eastern Sierra’s Mammoth Mountain, June Mountain, Snow Summit and Bear Mountain. Details are available via The Denver Post.