Oaktree, Centerbridge win Billabong

A deal valued at around $400 million leaves Altamont Capital Partners losing out on buying the distressed surf wear brand.

Oaktree Capital Management and Centerbridge Partners LP will acquire Billabong International Ltd. in a recapitalization deal valued at about $400 million.

The two US private equity firms beat out Altamont Capital Partners after all-night negotiations with Billabong’s board and its advisers, Goldman Sachs Group Inc.

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