Australian surfwear retailer Billabong has been purchased by one of its biggest competitors.

Boardriders, formerly known as Quiksilver, has been successful in its takeover bid for the group with the deal valuing Billabong at $155 million.

The deal will see the two brands have a combined 630 stores across 28 countries.

Billabong tripled its losses last year, with a $58 million tumble.

Boardriders is owned by US private equity fund Oaktree Capital Management, already a major investor in Billabong.


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