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.