Published: Tue, April 11, 2017
Global | By Maureen Mccoy

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

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

According to a media release, Stratton Mountain has been acquired by the Aspen Skiing Company and KLS Partners.

Aspen Skiing and KSL Capital's offer of $23.75 per share in cash, represents a discount of 6.1 percent to Intrawest's Friday close.

However, investors reacted to the news by sending Intrawest shares down $1.55 USA, or more than six per cent, to $23.74 USA on the New York Stock Exchange. The transaction was unanimously approved by the board of directors of Intrawest. The stock was trading at just $17 per share in early January, before a Reuters news story reported that the company was exploring a sale.

"This transaction creates significant opportunity for Intrawest and delivers tremendous value to our current shareholders", said Thomas Marano, Intrawest's CEO in a statement. In exchange, Intrawest would develop and sell village-based real estate around the ski area. Other resorts included in the deal are Mont Tremblant in Quebec, Snowshoe in Virginia and Blue Mountain in Ontario.

The aforementioned press release also explains that, "For the full 2017-18 winter season, each Intrawest resort will continue to honor the resort's existing pass products that are now on sale, including the Rocky Mountain Super Pass + and the M.A.X".

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Said Eric Resnick, chief executive officer of KSL: "Each resort has a strong sense of place with incredible passion and commitment from their employees and loyal guests".

"The enthusiasm that Intrawest's employees exhibit for the guest experience and for being responsible members of their communities is apparent in all they do".

The purchase also means that Aspen Skiing Co. now owns the world's largest heli-skiing operator. For more information, visit www.aspensnowmass.com. It owns pricey travel and leisure properties.

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