Vail Resorts announced that it has acquired Perisher in the New South Wales Snowy Mountains. America's largest mountain resort operator said that the deal is worth $176.6 million.

On Tuesday, the announcement was made about the deal to sell of Perisher Blue resort including the areas of Perisher Valley in NSW, Smiggin Holes, Blue Cow and Guthega to the New York Stock Exchange. It shall be noted that the sale of the Perisher Blue resort requires approval of the NSW government. The approval is needed as Perisher's national park lease will expire in 2048 and it requires a 20-year renewal.

Casino tycoon James Packer is selling the massively popular Australian ski resort. Packer's business acquired 75% of Perisher when it took over Perisher Smiggins and the Perisher Hotel in 1972 through its purchase of Murray Publishers.

Vail Resorts affirmed that it is purchasing 100% of the stock in the entities that operate Perisher from Packer's company. Rob Katz, chairman and chief executive officer of Vail Resorts, is quite happy with the acquisition and termed the sale as a 'ground-breaking' acquisition.

Katz said that this acquisition acts as their first international mountain resort, and is quite a significant one. The deal is part of their ongoing effort to boost season pass sales and also to build loyalty among guests from around the world.

"Australia is one of the most important international markets for ski resorts across the Northern Hemisphere, generating an estimated more than 1 million skier visits annually to resorts in North America, Japan and Europe", said Katz.

Vail Resorts said that Perisher season pass holders are given an opportunity to enjoy unlimited skiing from June to October at Perisher and season-long skiing from November through April in America. The deal is expected to be finalized in the fourth quarter of fiscal 2015.