The private equity firm and ski resort operator have acquired Intrawest for $1.5B, including debt. Intrawest’s properties include Steamboat Ski Resort in Steamboat Springs, Colo., Winter Park (Colo.) Resort, Tremblant Ski Resort in Quebec, Stratton Mountain Resort in South Londonderry, Vt., Snowshoe (W. Va.) Mountain, and Blue Mountain in Ontario.
Intrawest Resorts Holdings, Inc., has been acquired by ski resorts operator Aspen Skiing Co. LLC and private equity firm KSL Capital Partners LLC for about $1.5 billion, including debt, the Vail Daily reported.
“This transaction creates significant opportunity for Intrawest and delivers tremendous value to our current shareholders,” said Intrawest CEO Thomas Marano. “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.”
Under the terms of the merger agreement, 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 Daily reported.
Intrawest’s properties include Steamboat Ski Resort in Steamboat Springs, Colo., Winter Park (Colo.) Resort, Tremblant Ski Resort in Quebec, Stratton Mountain Resort in South Londonderry, Vt., Snowshoe (W. Va.) Mountain, and Blue Mountain in Ontario.
“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,” said KSL CEO Eric Resnick.
The transaction is expected to close by the end of the third quarter of 2017, the Daily reported.
Denver-based KSL Capital Partners is the owner of the Squaw Valley and Alpine Meadows in the Lake Tahoe region. Aspen Skiing Company owns and operates Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk, the Daily reported.