Acquires Steamboat, operator of Winter Park resort
Apr 11 2017
Intrawest, the parent company that owns Stratton Mountain Resort, announced Monday morning that it has entered into a "definitive agreement" to be acquired by Aspen Skiing Company and KSL Partners. Intrawest had a total long-term debt of $536.8 million as of December 31, according to their latest quarterly filing.
Intrawest investors will receive $23.75 in cash for each share they hold of common stock.
In a statement, Intrawest chief Thomas Marano said the deal "delivers tremendous value" to shareholders, who get $23.75 a share, roughly 40 percent more than the company's $17 share price in mid-January.
A second major Vermont ski area may soon be owned by a Colorado ski company.
Intrawest also manages Honua Kai Resort & Spa, located in Maui Hawaii and The Westin Monache at Mammoth, both condominium hotel properties and also Winter City Park, in Colorado which is owned by the town of Winter Park.
"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".
To make the deal, Aspen partnered with KSL Capital Partners to form a new entity. While ownership is changing, the management of Intrawest will continue, according to a release. Hogan Lovells US LLP, Latham and Watkins LLP and Simpson Thacher Bartlett LLP are serving as legal counsel to Aspen and KSL.
Yesterday Intrawest Resorts Holdings Inc (NYSE:SNOW) traded -6.58% lower at $25.30. The Company operates through three segments: Mountain, Adventure and Real Estate.
The Aspen Skiing Co. acquisition gives its main competitor, Vail Resorts, a challenge.
The combined resort holdings of Aspen Skiing Company and KSL now includes all the aforementioned properties as well as Aspen Mountain, Aspen Highlands, Snowmass, Buttermilk, Squaw Valley and Alpine Meadows in California. For more information, visit www.aspensnowmass.com. Since 2005, KSL has raised approximately $7.5 billion in equity capital commitments.