Billabong Sells Half of Nixon to Net a Cool $285 Million
By Steve Casimiro, Adventure Journal on February 17th, 2012
How much is a “little” brand like Nixon worth? The watch and accessories company was valued at $464 million this week as parent company Billabong sold 51.5 percent to raise cash and pay off debts. Billabong will retain 48.5 percent, Trilantic Capital will buy 48.5 percent, and Nixon management will purchase 3 percent, netting Billabong $285 million. Billabong is slashing costs, too - it’s closing 100 to 150 stores and laying off 400 people. It expects to cut $20 million to $30 million by shuttering its storefronts. Oh, and how much did Billabong pay for Nixon in the first place? $55 million in 2006, plus a deferred payment this year of $76 million. Via Shop-Eat-Surf.
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