Intrawest buying remaining stake in Blue Mountain
DENVER (AP) — Intrawest Resorts Holdings Inc. is buying the remaining 50 percent stake of Blue Mountain Resorts Holdings Inc. that it doesn’t already own for 58 million Canadian dollars ($52.4 million).
Blue Mountain is the biggest ski resort in Ontario, Canada. It also has other activities, such as a golf course, waterfront park and mountain biking facility.
Intrawest, a Denver-based mountain resort and adventure company, said Friday that it doesn’t currently expect making significant changes to Blue Mountain’s operations or resort personnel.
Intrawest acquired its initial 50 percent interest in Blue Mountain in 1999, and the resort has operated as a joint venture since that time.
Intrawest said that it will finance the deal with existing cash and incremental term loan proceeds.
The transaction is targeted to close by the end of the month.