Aspen Skiing Co, KSL Capital to buy Intrawest for about $1.5 bln

Reuters

Intrawest owns resorts in Colorado, Vermont, West Virginia, and in the Canadian provinces of Quebec and Ontario.

The deal is expected to conclude by the end of the third quarter of this year. "Each has its own unique story and its own unique sense of place", said Eric Resnick, chief executive officer of KSL.

About Intrawest Resorts Holdings, Inc.

In February, Vail Resorts, of Colorado, announced a $50 million deal to acquire another Vermont ski area, Stowe Mountain Resort from insurance giant American International Group.

Intrawest's largest shareholder is Fortress Investment Group LLC, which acquired the company in 2006 for $2.8 billion, and then took it public again in 2014.

Per the agreement, the iconic Steamboat Ski Resort will now be operated by Aspen Skiing Co.




Intrawest has been paring down its resort holdings since selling California's Mammoth Mountain in 2005.

Intrawest CEO Thomas Marano said the offer is a 40-per-cent premium over where the company's shares were before a report in January speculating that it was exploring a potential sale. It is being bought by a newly formed entity controlled by affiliates of the Aspen Skiing Co. The heli-skiing operation that was sold is the world's largest operator of helicopter ski trips that put skiers atop mountains so they can ski virgin snow.

However, investors reacted to the news by sending Intrawest shares down $1.55 U.S., or more than six per cent, to $23.74 United States on the New York Stock Exchange.

It's a big move for Aspen, which now operates four resorts in the Roaring Fork Valley: Aspen, Aspen Highlands, Buttermilk, and Snowmass.

Aspen/Snowmass posted information on this merger calling it, "Better Together".

About KSL Capital Partners KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. It owns pricey travel and leisure properties.

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