SKI SALE: Five months after hiring Goldman Sachs & Co. to pursue a sale or merger, Vancouver-based Intrawest Corp. said today it was selling itself in a $2.8 billion deal to Fortress Investment Group, a private equity firm based in New York (trivia: last year Fortress recruited former veep candidate John Edwards as an advisor). Intrawest owns the Copper Mountain resort and manages Winter Park (which is owned by the city of Denver) in Colorado, as well as the Whistler Blackcomb resort in British Columbia and others. The deal is $35 per share, a 32 percent premium to Thurday’s closing price. The question: will Fortress divest any Intrawest assets?
SKI SALE, II: A deadline looms for Tim and Diane Mueller, owners of Crested Butte Mountain Resort, to decide if they will take a run at Steamboat Ski Resort. Steamboat owner American Skiing Co., based in Park City, Utah, said July 14 it retained Bear Stearns & Co. to review options for Steamboat, including a sale. The Muellers had an agreement to buy Steamboat in 2002 that fell apart, leading to a lawsuit and also an option that gave the Muellers a 30-day exclusive window to negotiate the purchase of Steamboat if it came on the market again. The 30 days would end this weekend. American Skiing Co. also owns Killington, Pico and Mount Snow in Vermont, where the Muellers own Okemo Mountain Resort.
THE KICKER: University of Colorado football coach Dan Hawkins gives the keynote address at noon today at the Rocky Mountain Minority Supplier Development Council confab at the Colorado Convention Center. Hawkins has a five-year contract with CU that could be worth $1 million+ a year. (trivia: Hawkins sends his players inspirational text messages.) Denver Post reporter Will Shanley will report from the scene, with Hawkins’ remarks on www.denverpost.com this afternoon.
