Billabong has completed the partial sale of Nixon, the watches and accessories brand, to Trilantic Capital Partners (TCP) for $285 million. As part of a new joint venture, Billabong and Trilantic Capital Partners (TCP) will each own approximately 48.5 percent of Nixon, and Nixon management will own the remaining 3.0 percent.
Billabong realized net proceeds of approximately $285 million as a result of this transaction.
The transaction was completed after satisfaction of the applicable closing conditions.
The transaction is expected to result in a significant one-off gain in the Group's income statement in the year ending June 30, 2012. This will be reduced by the previously announced impairment charge for the Group's South Africa business and any other abnormal one-off charges that arise from the Group's continuing strategic review and is expected to be reported in the Group’s full year accounts following the finalization of the accounting for the Nixon transaction and audit sign off processes.
