Billabong has officially closed on the sale of controlling interest in Nixon to Trilantic Capital Partners, according to a story in The Australian.
The company said it needed the cash from the sale to clean up its balance sheet, and halve its debt from $525.6m to about $250m. . . Billabong’s largest shareholder, Perennial Investment Partners, criticised the company for selling one of its best-performing assets, while another private equity group, TPG Capital, made a $765m takeover offer for the company on the condition that it not sell the Nixon stake.
All that and they still have $250 million in debt to go. Hmm, wonder how much Billabong could get for Dakine?
[Link: The Australian]
