SYDNEY—Billabong International Ltd. said Thursday it has agreed to sell its 51 percent stake in Australian surfwear e-commerce player SurfStitch and 100 percent of the California-based surf site Swell to a consortium of investors including SurfStitch founders Justin Cameron and Lex Pedersen, for 35 million Australian dollars, or $33 million at current exchange.
Conditions apply, including the completion of the funding process being undertaken by the SurfStitch consortium, with this condition to be satisfied by the close of business on Monday. Completion is expected to occur in mid-September.
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