AUGUSTA, Maine-
American Skiing is selling the Sunday River and Sugarloaf USA ski areas in western Maine to Boyne USA Inc. of Michigan for $77 million in cash.
Park City, Utah-based American Skiing says it expects the transaction to close on or before July 31, 2007.
American Skiing President B.J. Fair said Boyne is an established operator and should bring a wealth of vision and resources to Sunday River in Newry and Sugarloaf in Carrabassett Valley. But he said that with so much of the company’s roots and history at the Maine resorts, it will be hard to part with them.
Boyne, which will assume $2 million in debt and liabilities in the deal, is a privately held company that has interests in seven North American resort properties.
American Skiing in December said it was selling its Steamboat ski resort in Colorado.
