Intrawest sells to Aspen and KSL

Discussion in 'General Skiing' started by SBrown, Apr 10, 2017.

  1. SBrown

    SBrown Chuck Norris Admin Pugski Ski Tester

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    (RTTNews.com) - Intrawest Resorts Holdings Inc.( SNOW ) said that it has entered into a definitive agreement to be acquired by a newly-formed entity controlled by affiliates of the Aspen Skiing Company, L.L.C. and KSL Capital Partners LLC.

    As per the terms of the merger agreement, Intrawest stockholders will receive $23.75 in cash for each share of Intrawest common stock, representing a total valuation of approximately $1.5 billion including debt obligations to be assumed or refinanced net of cash at closing.

    The cash consideration of $23.75 per share represents a 40% premium over $16.97 per share, Intrawest's closing stock price on January 12, 2017.

    The transaction is expected to close by the end of the third quarter of calendar year 2017 and is subject to certain closing conditions including regulatory approvals.

    For comments and feedback: contact

    Read more: http://www.nasdaq.com/article/intra...l-in-15-bln-deal-20170410-00205#ixzz4dsRVqujG

    http://www.nasdaq.com/article/intra...-skiing-and-ksl-in-15-bln-deal-20170410-00205


    More news:
    http://www.steamboattoday.com/news/2017/apr/10/steamboat-ski-resort-acquired-aspen-skiing-co-ksl-/

    Well that's interesting.
     
    Last edited: Apr 10, 2017
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  2. Ron

    Ron AKA Finndog Pugski Ski Tester

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    Damn, you beat me to it....

    So, any idea how this deal will work? The rumor around here was that Aspen would buy Steamboat but this is a whole 'nother enchilada
     
  3. UGASkiDawg

    UGASkiDawg AKA David Pugski Ski Tester

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    Very interesting
     
  4. Philpug

    Philpug Gathermeister--Utah Admin Pugski Ski Tester

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    Deluxe Enchilada Combo Plate. Mountain collective Pass coming to Steamboat.
     
  5. Ron

    Ron AKA Finndog Pugski Ski Tester

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    possibly extra 'Guac on the platter... on the surface (tortilla) this looks like a positive for us

    pretty brilliant move to counter the Vail empire. Next up Copper????
     
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  6. Lorenzzo

    Lorenzzo Snow Skier Skier

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    The nice people of Steamboat, both the town and resort, have been spared a much worser fate. The 40% premium is interesting.
     
  7. Ron

    Ron AKA Finndog Pugski Ski Tester

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  8. markojp

    markojp mtn rep for the gear on my feet Instructor Industry Insider

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    Hmmmm... instructor pay bumps in the near'ish future along the Aspen model? We can only hope. ogsmile
     
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  9. Mike King

    Mike King AKA Habacomike Instructor

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    I seriously doubt that Copper can be on the SkiCo/KSL platter as it would most likely face antitrust concerns. It'll be interesting whether the Intrawest acquisition by itself will trigger such issues.

    I'm very interested in what the agreement is between KSL and SkiCo. Will SkiCo become the operator of the KSL properties? There's not much info on what the vision is of the acquisition let alone the relationship between KSL and SkiCo going forward...

    Mike
     
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  10. coskigirl

    coskigirl Out on the slopes Skier

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    Or Powdr completely? That would rope in places like Copper, Eldora, Mt Bachelor, Killington and more. Very, very interesting. Not sure about whether this would have antitrust concerns. I think it would depend on how authorities see the Aspen collection of mountains. Vail has 4 resorts on I-70 so if Aspen is considered 1 then adding Copper/Eldora would give them 4 or 5 depending on how they view Winter Park which is only operated by Intrawest.
     
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  11. Rudi Riet

    Rudi Riet AKA songfta AKA randomduck Skier

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    The Cumming family has no inclination to sell Powdr - none whatsoever. And to be frank, reducing the "power player" cadre to two big players would hurt the industry even more than the current consolidation: prices would likely go up, and the unique flavor of some resorts might vanish.

    Just my $0.02. I'd like to see these conglomerates work on acquiring more of the small "feeder" resorts (or at least getting some affiliations built with advisory power). I see more upside with the resort industry doing that, rather than lumping all the major players under two or three mega-corporations.

    Just my $0.02...
     
  12. SkiNurse

    SkiNurse Spontaneous Christy Pugski Ski Tester

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    :popcorn:
     
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  13. Jilly

    Jilly Lead Cougar Skier

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    Will be interesting to see if they keep our locals....Blue Mountain Collingwood Ontario and Mont Tremblant Quebec.

    Does Aspen/KSL work well with unions? Tremblant is unionized!!
     
  14. Tricia

    Tricia The Velvet Hammer Admin Pugski Ski Tester

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    :popcorn:
     
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  15. Bob Barnes

    Bob Barnes Getting off the lift Instructor

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    Shocking news to wake up today, to say the least. As early breaking news, it's way too soon to speculate about what it all will mean. But my spider sense is tingling big time. It could be a great new beginning...or the beginning of the end. Vail's growing EpicPass monster has had an effect (negative, of course) on the business of its competitors, and something had to be done (and I've heard Aspen's top brass and owners suggest so). It certainly foretells a dramatic shift in emphasis for Aspen Skiing Company. I'm on high alert.

    Best regards,
    Bob
     
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  16. SkiNurse

    SkiNurse Spontaneous Christy Pugski Ski Tester

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    Aspen has a good thing going and it would be interesting to see if they can incorporate their way into these other ski areas. I sincerely hope it isn't the beginning of the end.
     
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  17. Jerez

    Jerez Getting off the lift Skier

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    Aspen days for the RMSP? Understand the concerns over consolidation and homogenization. But maybe this will energize some of the independent resorts like Loveland and Monarch and Wolf and Cooper or the new one south of Steamboat as locals flee the corporate ski experience? Leave the glitz to the tourists and start patronizing the locally owned. One can hope.
     
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  18. Ron

    Ron AKA Finndog Pugski Ski Tester

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    or... does the new corporation issue one of their own "epic" passes to go head-to-head with Vail? I could see that over only expanding the MTN Collective.
     
  19. fatbob

    fatbob Out on the slopes Skier

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    Shame the big cherry had already gone before they bought the cake. It's definitely a step to putting together a corporate Mtn Collective but the more stakeholders pulling in different directions the harder that will be. Aspen/Steamboat/WP is a bit of a weird footprint too - unlike the I70 corridor or the Tahoe Basin which makes resorts substiutes for each other (and a bigger pull for the destination skier)
     
  20. Ron

    Ron AKA Finndog Pugski Ski Tester

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    Not really odd, you need to add the other holdings of Intrawest and then it makes much more sense.
     
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