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Billabong completes deal for JV with TCP in Nixon
Apr '12
Billabong International Limited announces that the transaction to establish a new joint venture for the Nixon brand has completed.

As part of the transaction, Billabong and Trilantic Capital Partners (TCP) will each own approximately 48.5% of Nixon, and Nixon management will own the remaining 3.0%.

Billabong realised net proceeds1 of approximately US$285 million as a result of this transaction.

The transaction, announced on 17 February 2012, was completed after satisfaction of the applicable closing conditions.

As also announced on 17 February 2012, the transaction is expected to result in a significant one-off gain in the Group's income statement in the year ending 30 June

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 finalisation of the accounting for the Nixon transaction and audit sign off processes.

Billabong International

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