Billabong announced today that it has finished the acquistion of Australian retailer Surfection. Quiksilver previously owned the brand, after purchasing it in 2005.
Here’s the release:
GOLD COAST, 23 September 2011: Billabong International Limited today moved to 100% control of the Sydney-based retailer Surfection, a business previously operated under a joint venture between the Billabong Group and interests associated with retailer Chris Athas.
The acquisition was funded through the issue of 1,064,516 new ordinary shares in Billabong International Limited at an issue price of $3.72 per share. The issued shares are subject to voluntary escrow for a period of three years from today.
The original joint venture with Surfection was announced by Billabong in August 2010. Mr Athas, one of the most experienced boardsport retailers in Australia, remains as the manager of the Surfection business as part of a broader role that includes management of the Billabong Group’s Surf Dive 'n' Ski and Jetty Surf retail banners in Australia. www.billabong.com