Global action sports and lifestyle company Boardriders has signed a definitive agreement to acquire a complete stake in Australian clothing retailer Billabong International.

Financial details of the transaction have not been divulged by both either company.

Boardriders currently owns and operates brands such as Quiksilver, Roxy and DC Shoes .

“We are committed to preserving the autonomy, creativity, and unique cultures of all the brands.”

The merger of Boardriders and Billabong is expected to create an action sports company that will operate approximately 630 retail stores in 28 countries and will have more than 7,000 wholesale customers in more than 110 countries.

Subject to customary closing conditions, the acquisition is expected to close in the first half of this year.

Upon completion of the deal, current Oaktree Capital Management (Oaktree) MD Dave Tanner will become the chief executive officer of Boardriders.

Tanner said: “The combination of these two leading action sports companies, which include a broad range of iconic brands with a deep heritage in surf, snow and skate, is very exciting for all of us who share a passion for outdoor action sports.

“We are committed to preserving the autonomy, creativity, and unique cultures of all the brands while we leverage our best-in-class operating platform to accelerate the growth of the brands globally.

“We are excited to become one family with the Billabong team, and look forward to working together arm-in-arm to achieve the promise that this combination offers.”