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Blackstone and KKR reported to be in race for Billabong

Private equity firms Blackstone and KKR are reported to have entered the race to buy Australian surfwear brand Billabong.

According to the Financial Times, the two private equity firms are considering bidding for the Queensland-based brand after another private equity firm, TPG Capital, had its takeover bid rejected late on Monday.

Billabong is reported to have told TPG Capital that the AUD $765m (£518m) bid did not represent the value of the company.

Neither Blackstone nor KKR are thought to have made a formal approach for the brand as yet.

Billabong plans to close up to 150 of its 677 stores and cut about 400 jobs. Its net debt stands at AUD $526 (£357m).

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