Blue Mountain Resort to be acquired by new group

Blue Mountain gets new owner? The owner of Blue Mountain resort has entered into an agreement to be acquired in a billion dollar deal. CTV Barrie's Mike Walker has more.

The company that owns Blue Mountain Resort is set to be acquired by a new group.

On Monday, Intrawest Resorts Holdings Inc. announced it has entered into an agreement to be acquired by a newly-formed group controlled by Aspen Skiing Company and KSL Capital Partners.

This means stockholders will receive an estimated $1.5 billion for the acquisition. The purchase was unanimously approved by the Intrawest board of directors.

“This transaction creates significant opportunity for Intrawest and delivers tremendous value to our current shareholders,” said Thomas Marano, Intrawest’s CEO in a statement. “Our new partners bring additional financial resources and a shared passion for the mountains and our mountain communities.”

Intrawest owns several mountains, including Blue Mountain Resort, Tremblant, Winter Park Resort, and Snowshoe Mountain.

“This is good news for Blue Mountain. The acquisition will support our strategies to continue delivering great experiences for our guests and season passholders,” said Dan Skelton, President and COO for Blue Mountain Resort in a statement.

The deal is expected to close by the third quarter of 2017.