Shareholders Of Intrawest Approve Sale To Fortess
SAM Magazine--Vancouver, BC, October 17, 2006-- Fortress Investment Group is expected to become the new owner of Intrawest after Intrawest shareholders approved the sale of the company to the private investment firm. The deal, worth $2.8 billion needed the approval of two-thirds of Intrawest shareholders to be consummated. The decision to sell was nearly unanimous, and was approved at a special meeting on Tuesday morning. The deal is expected to close by the end of October.
Fortress is a private investment company with more than $11 billion in capital, Intrawest owns and operates such resorts as British Columbia Whistler Blackcomb and Panorama; Colorado resorts Copper Mountain and Winter Park and Stratton Mountain, Vermont.