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Israeli trend retail chain Fox-Wizel Ltd. (TASE: FOX) is shopping for 50% of the shares in Billy Haus, the corporate that operates the Billabong and Quiksilver manufacturers chains, from Effi Haus, its accomplice, for NIS 24 million. If the deal is accomplished, Fox-Wizel will maintain all of the capital and voting rights in Billy Haus.

Amongst different issues, Billy Haus holds an unique franchise to promote Billabond and Quiksilver merchandise in Israel. It imports and sells sea browsing merchandise and equipment, in addition to excessive sports activities trend merchandise, in 38 nationally deployed shops. It additionally sells merchandise wholesale.

In late 2018, Billy Haus contracted an settlement with UG Manufacturing Co. Pty. granting Billy Haus an unique franchise for organising and working shops in Israel underneath the Boardriders model identify. Amongst different issues, these shops will promote the DC Sneakers, Quiksilver, and Roxy manufacturers.

If the deal is accomplished alongside these strains, Fox-Wizel will consolidate Billy Haus’s monetary statements with its personal, and accordingly revalue its funding in Billy Haus in accordance with its truthful worth, primarily based on Billy Haus’s fairness for the primary quarter of 2019.

Revealed by Globes, Israel enterprise information – en.globes.co.il – on June 13, 2019

© Copyright of Globes Writer Itonut (1983) Ltd. 2019