After announcing plans earlier this year, Boardriders Inc. has officially closed on its acquisition of Billabong, which includes powerhouse brands Element, RVCA, VonZipper and Xcel.

Photo courtesy of Billabong Inc.

The deal saw a payout of Australian $1.05 per share , or about $162 million.

New Boardriders Inc. CEO David Tanner says the deal is a turning point for the action sports industry.

"With the combination of Boardriders and Billabong, we bring together the best of both companies, creating a dynamic enterprise under the Boardriders umbrella," he said.

Boardriders Inc. has appointed a new global leadership team, headed by CEO Tanner.

“Our new leadership team is a combination of seasoned global talent from Boardriders, Billabong and from outside the organization,” Tanner said in a statement. “This team will lead the integration of two great companies, creating the world’s leading action sports company. I am particularly excited to announce the elevations of Greg Healy and Shannan North, who bring significant industry experience and will be instrumental in leading our global growth with their new board responsibilities.”

As a result of the acquisition, Billabong announced the resignation of the following board members: Ian Pollard, Neil Fiske, Gordon Merchant, Kim Anderson, Howard Mowlem, Elliott Weinstein, and Billabong company secretary Tracey Wood.

Now that the rival companies have merged, their collective footprint makes them the largest action sports company in the space, with 7,000 wholesale customers in more than 100 countries, and more than 630 retail stores in 28 countries.

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