September 30, 2019 / 8:18 PM / 20 days ago

New Zealand's Kathmandu Holdings to buy surfing gear firm Rip Curl for $236 mln

Oct 1 (Reuters) - Specialist outdoor retailer Kathmandu Holdings Ltd on Tuesday said it would buy Australia-based surfing gear and swimwear maker Rip Curl Group Pty Ltd for A$350 million ($236.22 million).

The transaction will be financed through a combination of a fully underwritten 1 for 4 pro-rata accelerated entitlement offer to raise NZ$145 million ($90.80 million) and a placement of about NZ$32 million of new Kathmandu shares to the founders and chief executive of Rip Curl, who will receive a part of the consideration in Kathmandu shares. ($1 = 1.4817 Australian dollars) ($1 = 1.5969 New Zealand dollars) (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Will Dunham)

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