By  on October 23, 2013

Quiksilver Inc. has sold its snowboarding subsidiary, Mervin Manufacturing Inc., to Extreme Holdings Inc.

Terms of the agreement were not disclosed. The all-cash transaction is expected to close in several weeks and is subject to certain customary closing conditions, the company said. Net proceeds from the Mervin sale will be used to reduce the amounts drawn on its credit facilities and “make investments in its emerging markets,” the company said.

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