Intrawest Resorts To Be Acquired By Aspen Skiing And KSL In $1.5 Bln Deal

(RTTNews) - 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 was unanimously approved by the board of directors of Intrawest. Following the execution of the merger agreement, stockholders representing a majority of the voting shares of Intrawest delivered a written consent approving and adopting the merger agreement.

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.