NEW YORK (The Deal) -- Vail Resorts (MTN) - Get Report has headed off-piste with an agreement to pay A$176.6 million ($136 million) for Australia's Perisher Ski Resort, expanding outside of the U.S. for the first time.

New York-listed Vail will buy Australia's largest and busiest ski resort from Murray Publishers and Transfield Corporate, two companies controlled by Australian billionaire James Packer.

"The acquisition of our first international mountain resort is a significant milestone," Vail Chairman and CEO Rob Katz said in a statement on Tuesday.

Vail is hoping to convince Australian skiers to travel to its U.S. resorts during their summer by offering free access to holders of Perisher season passes. About 1 million Australian skiers travel to Northern Hemisphere resorts each year, making them an important market for operators in Europe and North America.

The acquisition comes at an uncertain time for Australian ski resort operators, with scientists predicting that the country's ski season will become increasingly short and unpredictable as a result of global warming. Research conducted last year by Australia's Griffith University predicted that by 2040, Australian resorts will be skiable for an average of 81 to 114 days a year, and that by 2090, that figure will drop to between zero and 75 days. Ski resorts need a minimum of 100 days of skiable snow annually to remain viable, according to the study.

Broomfield, Colo.-based Vail is facing the same pressures at many of its U.S. resorts, where low rainfall -- including the driest January on record in California -- has meant that snow cover in some states is well below historical averages.

Vail operates 12 ski resorts across seven U.S. states. The company's acquisition will add the connected Australian resorts of Perisher Valley, Smiggin Holes, Blue Cow and Guthega to that portfolio. It will also take control of the Australian resorts' ski schools, and some lodging, food outlets and retail/rental outlets.

Perisher holds a long-term lease and license with the New South Wales government under the National Parks and Wildlife Act, which expires in 2048 with a 20-year renewal option.

Vail expects Perisher to generate EBITDA of $16 million during the first year, and free cash flow of $6 million. The deal will be funded using cash on hand and a revolving senior credit facility.

Shares in Vail closed Monday at $100.45, up $0.64 or less than 1% on their Friday close. The company has a market capitalization of $3.6 billion.

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