The North East's major skifields are under new ownership with Colorado company Vail Resorts purchasing Falls Creek Alpine Resort and Mount Hotham Alpine Resort for an estimated $174 million.
If the acquisition, which is subject to regulatory approvals, goes ahead Vail Resorts will own the three of the largest ski resorts in Australia.
The company already owns a total of 18 mountain or urban ski resorts including Perisher in NSW.
The deal is expected to be finalised before the start of the 2019 Australian snow season in June.
A statement by Vail Resorts said "upon closing, Vail Resorts plans to retain the vast majority of each resort’s employees".
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The company will create an Epic Australia pass which would grant holders access to Mt Hotham, Falls Creek, Perisher and international resorts.
Falls Creek Alpine Resort Management chief executive Stuart Smythe welcomed the investment saying it showed confidence in the Victorian industry.
“This is a tremendous announcement, demonstrating confidence in the outlook for the industry," he said.
"We will be delighted to work with Vail Resorts in contributing to even more success for Victoria and the North East."
Vail Resort chief executive Rob Katz said the purchase strengthened their position in Australia.
"The acquisition of the leading mountain resorts in Victoria is part of our continued strategy to drive season pass sales and build loyalty with guests from around the world," he said.
Falls Creek and Mount Hotham are currently owned by a subsidiary of Merlin Entertainments, Living and Leisure Australia Group.
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