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Billabong has agreed to pay US$99.9 million, in addition to a later payment of a minimum of US$33.3 million if certain conditions are met, according to Billabong's financial statements.
"DaKine is well established within the boardsports sector and it is a brand that has built its reputation on the quality and reliability of its technical range," Billabong CEO Derek O'Neill said in a statement.
"It is a brand that is focused on function over fashion and this, together with a strong team of athletes and compelling marketing campaigns, had endeared it to active boardsports participants."
DaKine founder Rob Kaplan will remain integrally involved in the company and will work out of the brand's regional office in Maui. He said he welcomed the synergies and additional infrastructure Billabong had to offer.
The statement said all employees and the current management team will be retained and continue to work of DaKine's head office in Oregon.
DaKine is expected to contribute 4 percent of Billabong International sales in the 2008-09 financial year and is expected to be earnings per share positive in year one.
More to come later on Billabong's earnings, released today.