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April 10 Ski resorts operator Aspen Skiing Co
LLC and private equity firm KSL Capital Partners LLC will buy
Intrawest Resorts Holdings Inc for about $1.5 billion,
including debt, Intrawest said on Monday.
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. Intrawest's shares were down 6.4 percent at $23.69 at
Up to Friday's close, Intrawest's shares had risen 49
percent since Jan. 12, the day before Reuters reported that it
was working with investment banks on a possible sale.
Intrawest, best known for ski properties include Stratton
Mountain in Vermont, Mont Tremblant in Quebec and Steamboat in
Colorado, had total long-term debt of $536.8 million as of Dec.
31, according to the latest quarterly filing.
It also owns mountain resorts, adventure retreats and real
estate across the United States and Canada.
Aspen Skiing owns and operates four mountains in a winter
resort complex in Colorado.
Under the terms, Intrawest will be bought by a newly formed
entity controlled by affiliates of Aspen Skiing and KSL Capital.
Deutsche Bank Securities Inc, Moelis & Co LLC and Houlihan
Lokey were Intrawest's financial advisers for the deal, while
Goldman Sachs advised Aspen Skiing and KSL.
The deal is expected to close by the end of the third
quarter of 2017.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak