Australian surf wear brand Billabong has been sold after a takeover bid from rival Boardriders, which values the company at about $155m (£114m).
Queensland-based Billabong suffered a $58m wipeout last year, triple its loss for 2016.
The company sells clothing under eight different brands and sponsors surf events around the world.
Boardriders was formerly known as Quiksilver, and still sells clothing under its original name.
It is owned by US private equity fund Oaktree Capital Management, which was already a major Billabong investor.