Billabong International Limited moved to 100 percent 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 1.06 million new ordinary shares in Billabong International Limited at an issue price of Australian $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. 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.
Billabong International Limited's core business is the marketing, distribution, wholesaling and retailing of apparel, accessories, eyewear, wetsuits and hardgoods in the boardsports sector under the Billabong, Element, Von Zipper, Honolua Surf Company, Kustom, Palmers Surf, Nixon, Xcel, Tigerlily, Sector 9, DaKine and RVCA brands.
