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Billabong Buys DaKine

Billabong International announced it is buying accessories maker DaKine Hawaii, Inc. for $99.9 million and an additional payment of at least $33.3 million if certain conditions are met.

DaKine founder Rob Kaplan will remain at the company as will the employees and current management team.

DaKine is expected to contribute 4 percent of Billabong International sales in the 2008-09 financial year and is expected to be earnings per share positive in year one.