Company buys Steamboat Resort and Winter Park in massive deal
Intrawest Resorts Holdings Inc. said Monday that US ski resort company Aspen Skiing Co. and private equity firm KSL Capital Partners have agreed to pay $23.75 per share in cash. It was unanimously approved by the board of directors of Intrawest.
KSL Capital Partners owns Squaw Valley and Alpine Meadows in the Lake Tahoe area. Together, they are forming a new entity to acquire these resorts.
The deal will transfer ownership of resorts such as Steamboat and Winter Park in Colorado and Stratton in Vermont-worth approximately $1.5 billion, with each share coming in at $23.75 cash.
Following the execution of the merger agreement, stockholders representing a majority of the voting shares of Intrawest delivered a written consent approving and adopting the merger agreement. Goldman Sachs served as financial adviser to Aspen and KSL. We're convinced this new venture will bring fresh perspectives to these unique properties, help them enhance the guest experience, and foster even stronger partnerships with the local communities.
"Intrawest is a collection of remarkable properties in exceptional locations".
Intrawest has been paring down its resort holdings since selling California's Mammoth Mountain in 2005.
Aspen Skiing CEO Mike Kaplan says skiers will see few changes. Deutsche Bank, Moelis and Houlihan Lokey advised Intrawest.
Aspen skiing company is joining with KSL Partners to form a new company. Hogan Lovells US LLP, Latham and Watkins LLP and Simpson Thacher Bartlett LLP are serving as legal counsel to Aspen and KSL.
After Monday's acquisition, the company now stretches coast to coast and in two countries, though the acquired resorts will retain the Intrawest name. Inc., said the American ski chains are looking north of the border for the same reason as American visitors.
The deal also includes the world's largest helicopter skiing company, which is based in British Columbia.
As we embark on this new adventure, it's our shared commitment and values-based approach alongside our new partners that will continue to grow our business, offer new opportunities to employees and make the company, the sport and the lifestyle sustainable for many years to come.
Aspen Skiing Company and KSL will pay $1.5 billion for Intrawest, according to a release.
Aspen/Snowmass posted information on this merger calling it, "Better Together".
Private equity firm Fortress Investment Group acquired Intrawest in October 2006.
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