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Ski industry sees another big consolidation with Aspen deal

11 April 2017

Aspen Skiing owns and operates four mountains in a winter resort complex in Colorado. The deal is subject to regulatory approval; Intrawest says it expects to close the deal by the third quarter of this year.

Aspen Skiing Co. operates resorts in the Aspen region.

For the second time in less than two months, a Vermont ski resort is being acquired by a buyer from out west.

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.

"Our new partners bring additional financial resources and a shared passion for the mountains and our mountain communities".

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The consolidations - not new in a ski industry that has seen long periods of consolidation in the past - won't be noticed by customers in the short term, said Mike Kaplan, Aspen Skiing's president and CEO.

And there is a Steamboat/Squaw connection in the persona of former Intrawest and Steamboat Ski Area marketing executive Andy Wirth, who is intimately familiar with the Steamboat Ski and Resort Corp. business model. "A new ownership structure brings new opportunities for Stratton, its employees, and local businesses in the area".

Intrawest has been paring down its resort holdings since selling California's Mammoth Mountain in 2005. Canadian Mountain Holidays, the largest heliskiing operation on Earth, will be acquired by the Aspen Skiing Co. and KSL, too. Inc., said the American ski chains are looking north of the border for the same reason as American visitors. Intrawest Resorts Holdings, Inc. common stock is traded on the New York Stock Exchange (NYSE: SNOW).

Aspen/Snowmass posted information on this merger calling it, "Better Together".

KSL controls around $7.5 billion in hotel and resort properties. KSL's current portfolio includes some of the premier properties in travel and leisure.

Ski industry sees another big consolidation with Aspen deal