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Malibu Boats completes deal in Australia - Trade Only Today

Malibu Boats completes deal in Australia

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Malibu Boats finalized the acquisition of the company’s exclusive licensee in Australia.

Malibu Australian Acquisition Corp. sold shares of Malibu Boats Pty Ltd., which had owned the rights to manufacture and distribute Malibu and Axis products and spare parts in Australia and New Zealand since 1995, according to documents filed with the U.S. Securities and Exchange Commission.

On Oct. 23, Malibu Boats completed its acquisition of Malibu Boats Pty Ltd. for $16.2 million, paying $13.3 million in cash and 170,889 shares of the Company's Class A common stock, par value 1 cent a share.

The share price was based on the average closing price of shares of the Class A common stock for the 20 trading days immediately prior to, but not including, the closing date of the acquisition.

The company funded the cash portion of the purchase price for the acquisition with additional borrowings under its revolving credit facility.

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