THE surfwear and streetwear company Billabong International has snapped up the Tigerlily swimwear and clothing business from Jodhi Meares, the former wife of James Packer.

Billabong, which has a market capitalisation of $3 billion, has not revealed how much it paid for the operation but it said the acquisition would be earnings per share positive in the first year.

However, market sources said Ms Meares would be paid between $3 million and $5 million for the company she built up over the past nine years.

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