Aspen Skiing Company and private equity firm KSL Capital Partners, LLC formed a new entity that entered into an agreement to acquire Intrawest Resorts Holdings, Inc. (NYSE: SNOW). Intrawest's ski resort portfolio includes Colorado’s Steamboat and Winter Park, Tremblant in Quebec, Stratton in Vermont, Snowshoe, West Virginia, and Blue Mountain, Ontario, along with Canadian Mountain Holidays heli operation and various real estate properties.

Expected to close by the end of the third quarter of calendar year 2017, the transaction will grant Intrawest stockholders $23.75 in cash for each share of Intrawest common stock, a 40 percent premium over the $16.97 per share closing stock price on January 12, 2017. This represents a total valuation of approximately $1.5 billion, according to a press release. 

The merger agreement will not impact the 2017/18 season pass products of which Intrawest is a part, including the Rocky Mountain Super Pass+ and the M.A.X. Pass. As an affiliate of KSL, Squaw Valley Ski Holdings will also be brought into the new entity’s fold at closing, which was not a condition of the merger. Squaw Valley/Alpine Meadows resort will continue to operate under its current management.