The North American mountain resort and adventure company that owns ski areas in Steamboat and Winter Park in Colorado, as well as in West Virginia, Vermont, and Quebec, entered into a $1.5 billion deal with Aspen Skiing Company and KSL Partners.
Intrawest Resort Holdings, Inc., a public company, will receive $23.75 for each share of common stock.
“This transaction creates significant opportunity for Intrawest and delivers tremendous value to our current shareholders,” Thomas Marano, Intrawest’s chief executive officer, stated in a press release. “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.”
Intrawest was an early, pre-recession owner of base village at Snowmass. Heavy hitters Deutsche Bank and Goldman Sachs are financial advisors in the transaction. The acquisition is expected to be completed by the end of the third quarter of 2017. Squaw Valley and Alpine Meadows in California will also become part of the newly formed entity, but will remain under existing management.
Each Intrawest resort will honor existing passes, like the Rocky Mountain Super Pass and the M.A.X. Pass, for the full 2017-18 season.