Intrawest Agrees to $1.8-Billion Buyout
Canadian ski resort operator Intrawest Corp. has agreed to be acquired by private equity firm Fortress Investment Group for about $1.81 billion in cash.
The acquisition of Intrawest, which has interests in resorts including Mammoth Mountain in the Eastern Sierra and Whistler Blackcomb in British Columbia, Canada, is the biggest buyout of a publicly traded resort firm.
Fortress’ $35-a-share offer represents a 32% premium over Intrawest’s Thursday closing price. The offer also calls for Fortress to assume about $992 million in debt.
Shares of Vancouver, Canada-based Intrawest surged $7.67, or 29%, to $34.18.