Game changer: Steamboat Ski Resort acquired by Aspen Skiing Co., KSL Capital Partners in $1.5B deal
April 10, 2017
Status of 2017-18 ski passes unchanged
For the full 2017-18 winter season, each Intrawest resort will continue to honor the resort’s existing pass products that are currently on sale, including the Rocky Mountain Super Pass + and the M.A.X. Pass.
Steamboat Springs — Editor’s Note: This story was updated at 4:14 p.m.
Steamboat Ski Resort has embarked on a new chapter in its 54-year history, with the news Monday morning that Intrawest Resorts Holdings, Inc., has been acquired by ski resorts operator Aspen Skiing Co. LLC and private equity firm KSL Capital Partners LLC for about $1.5 billion, including debt.
"This transaction creates significant opportunity for Intrawest and delivers tremendous value to our current shareholders," said Intrawest CEO Thomas Marano in a news 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."
Under the terms of the merger agreement, Intrawest stockholders will receive $23.75 in cash for each share of Intrawest common stock. The deal is expected to close by the end of the third quarter of calendar year 2017.
Steamboat Ski and Resort Corp. President and Chief Operating Officer Rob Perlman said he anticipates the different resorts in the new company will be able to collaborate in a number of areas including events and marketing programs.
"It does creates some exciting opportunities going forward," Perlman said Monday. "I expect we'll have some exciting discussions about future opportunities pretty quickly once the deal closes.
“The two entities forming the new entity, KSL and Aspen Skiing Co., clearly understand the ski business and bring substantial resources to the new company,” Perlman continued. “We look forward to continuing to improve operations and guest experience, and building off the strengths we already have at Steamboat."
Perlman also had reassuring words for Steamboat Ski Resort followers who might be concerned the transaction signals a change in the qualities that define Steamboat as a community and a resort.
"It goes back to the fact that both KSL and Aspen recognize the individual assets and unique brands that make up the Intrawest portfolio, and especially Steamboat, with its iconic brand and heritage and maintaining that going forward," he said.