Australia-based surfwear retailer Billabong International Ltd is to acquire swimwear and apparel company Tigerlily. Financial terms were not disclosed, but shares prices rose when the news of the buyout broke earlier this month.

This will be the first acquisition it has made that focuses exclusively on women’s products. Founder Jodhi Meares will continue to be involved in the company.

Established in 1973, Billabong is said to be the largest surfwear brand in Australia and operates in more than 60 countries across the globe.

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