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Acquisition
 6 Months Ended
Jun. 30, 2025
Business Combination [Abstract]  
Acquisition

NOTE 4. ACQUISITION

Jasper SkyTram

On December 31, 2024, we acquired 100% of the equity interests in the Jasper SkyTram attraction in Jasper National Park for total cash consideration of $23.7 million Canadian dollars (approximately $16.5 million U.S. dollars), which includes a renewable long-term lease with Parks Canada, with nearly 30 years remaining. The Jasper SkyTram ascends 2,263 meters (8,081 feet) up Whistlers Mountain while offering 360-degree national park views. On-site amenities include an interpretive boardwalk, easy access to hiking trails, and light culinary offerings.

The following table summarizes the preliminary allocation of the aggregate purchase price and amounts of assets acquired based upon the estimated fair value at the date of acquisition. During the three months ended June 30, 2025, we made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation. The purchase price allocation is not yet final and is subject to change within the measurement period (up to one year from the acquisition date) as the valuation of property and equipment and intangible assets is finalized.

(in thousands)

 

 

 

Purchase price paid as:

 

 

 

Cash

 

$

16,129

 

Holdback

 

 

347

 

Purchase price

 

 

16,476

 

 

 

 

 

Fair value of net assets acquired:

 

 

 

Property and equipment

 

 

2,309

 

Intangible assets

 

 

13,487

 

Total assets acquired

 

 

15,796

 

Excess purchase price over fair value of net assets acquired (“goodwill”)

 

$

680

 

Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired based on their estimated fair values. The excess purchase price over the fair value of net assets acquired was recorded as “Goodwill.” Goodwill is included in the Banff Jasper Collection reporting unit. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to future growth opportunities when combined with our other businesses. Goodwill is deductible for tax purposes.

Following are details of the purchase price allocated to the intangible assets acquired for the Jasper SkyTram:

(in thousands)

 

Amount

 

 

Weighted Average Life

Operating licenses

 

$

13,278

 

 

27 years

Trade name

 

 

209

 

 

5 years

Total

 

$

13,487

 

 

27 years

 

Transaction costs associated with the acquisition were $0.4 million during 2024, which are included in “Selling, general, and administrative expenses” in the Condensed Consolidated Statements of Operations. The acquired assets have been included in the Condensed Consolidated Financial Statements prospectively from the date of acquisition.