Equity firm to buy Intrawest- article from Denver Post
The announced sale of publicly traded Intrawest Corp. to a private-equity firm could kick-start the privatization of Colorado’s ski industry - a trend that is occurring across other business sectors.
Intrawest, the owner of Copper Mountain and operator of Winter Park, agreed Friday to be acquired by New York-based Fortress Investment Group for $1.81 billion in cash and $992 million in assumed debt.
Last month, publicly traded American Skiing Co. said it is reviewing options for Steamboat ski resort, including a sale.
American Skiing is negotiating only with a private investor group led by Tim Mueller, the owner of Crested Butte Mountain Resort. Under a 2004 settlement involving a failed deal for the sale of Steamboat, Mueller has an exclusive right to negotiate with American Skiing until later this week. Mueller said Friday that negotiations will continue even after his exclusive period ends.
If the Intrawest deal is approved by shareholders and American Skiing sells Steamboat to a private company, Vail Resorts’ properties would be the last major ski areas in the state owned by a public company. Vail’s holdings include Vail, Keystone, Breckenridge and Beaver Creek ski resorts.
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