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Quicksilver owner to acquire Billabong in major sportswear merger

US company Boardriders, which owns the Quicksilver brand, is acquiring Australian rival Billabong, merging two major names in sportswear. The combination of Boardriders and Billabong will create the world's leading action sports company.

Both companies, which are well-established in the world of skiing, surfing and skateboarding, will together have 630 retail stores in 28 countries and over 7,000 retail customers in 110 countries. Boardriders is controlled by the Oaktree Capital investment firm, which already owns 19 per cent of Billabong.

Under the deal it will buy the remaining shares of Billabong at one Australian dollar per share, a premium of 28 per cent over the stock price on November 30 when the buyout bid was unveiled. Billabong's board members unanimously recommended the deal to shareholders and the firm's shares were 2.60 per cent higher at 98.5 Australian cents (77 US cents) in afternoon trade in Sydney.

 
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