Boardriders has successfully convinced board directors of Billabong to hand over the ankle strap, in a deal that's reportedly worth around $200 million.
The U.S. private equity firm is betting on cost savings and a pick-up in consumer sentiment with its mid-summer buyout of the struggling firm, allowing it to bring brands such as RVCA, Element and Von Zipper into a portfolio already including Quicksilver, Roxy and DC Shoes.
A Billabong spokesperson confirmed there would be no job cuts in the near-future as a result of this deal.
The transaction is subject to a number of customary closing conditions, including shareholder, court and regulatory approvals, and is expected to close in the first half of this year.
Once that happens, Billabong will become a private company and be taken off the Australian share market.
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Under this proposed deal, Boardriders will pay $1.00 for every ASX-listed share in Billabong - other than the 19 per cent stake which is owned by Oaktree.
Australian surf wear brand Billabong has been sold after a takeover bid from rival Boardriders, which values the company at about $155m (£114m).
The company said in a statement that it had formally agreed to the scheme of arrangement on Friday.
The company posted a A$77.1 million post-tax loss a year ago in the face of stangnant wage growth and tough competition from "fast fashion" retailers such as H & M Hennes & Mauritz and online vendors.
"Having regard to these factors, and the fat that shareholders are being offered an attractive premium for their shares, the Board believes this offer is in the best interests of shareholders".