Macquarie to buy Rossignol from Quiksilver
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Chartreuse & Mont Blanc, majority owned by Australia's Macquarie Group, will buy ski-making group Rossignol for 100 million dollars from US sporting goods maker Quiksilver.
US sporting goods maker Quiksilver said Wednesday it has agreed to sell its Rossignol ski-making group to a company controlled by Australia's Macquarie Group.
Quiksilver said it had received a binding offer of 100 million euros (147 million dollars), from Bruno Cercley, head of Chartreuse & Mont Blanc and a former chief executive of Rossignol.
Chartreuse & Mont Blanc, which is majority owned by Macquarie Group, proposed 75 million euros in cash and 25 million in debt, Quiksilver said in a statement.
The offer was for all of the Rossignol Group, which includes the sale of the Rossignol, Dynastar, Look, and Lange brands of winter sports equipment and apparel.
"This offer is a compelling transaction for Quiksilver," said Robert McKnight, chairman and chief executive, said in a statement.
Quiksilver said it expected the deal to be completed in the next few months and would use the net proceeds from the sale to repay debt.
In January, Quiksilver announced it wanted to sell the Rossignol Group to reduce its exposure to the winter sports equipment manufacturing business.
The Huntington Beach, California-based Quiksilver, which originally built a reputation on surfer-oriented apparel, bought the French ski and snowboard maker in 2005.
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