The sale of Whistler Blackcomb ski resort has been rumored for months now, but today the details of the transaction were made more clear; Whistler Blackcomb Holdings Inc., owner of the Canadian ski resort that hosted the 2010 Winter Olympic Games, will issue an initial public offering (IPO) that aims to raise $300 million with the proceeds.
The decision comes on the heels of February’s recent Olympics that saw nearly 3.5 billion people tune in from around the world, and in the process, saw viewers treated to the world class resort offerings.
Under the planned IPO, parent company Intrawest ULC will retain partial ownership of Whistler under its umbrella of resorts, but will see a noticeably reduced stake. Intrawest’s other ski resort properties include Mont Tremblant and Steamboat.
The shares will list on the Toronto Stock Exchange as soon as this month, and it’s believed investors in the ski resort will receive a quarterly dividend. The IPO’s share price has not been set yet, nor has the dividend rate. The issue is being underwritten by a collection of Canadian investment banks led by CIBC World Markets and RBC Dominion Securities among others.