Authentic Brands Group Inc. is nearing a deal to pay about $1.3 billion for the parent of Quiksilver and Billabong surfwear brands, according to people familiar with the matter.

A deal for Boardriders Inc. could be announced as soon as next week, said one the people, who asked to not be identified because the matter isn’t public. No final decision has been made and discussions could fall through. Boardriders, which also owns the Roxy brand, is controlled by Oaktree Capital Management.

Representatives for Authentic Brands and Oaktree declined to comment. Boardriders couldn’t be immediately be reached for comment outside of regular business hours.

Oaktree, which specializes in distressed or troubled companies, acquired Boardriders — then known as Quiksilver — when it emerged from bankruptcy in 2016. Two years later it bought competitor Billabong.

Authentic Brands, led by Chief Executive Officer Jamie Salter, is one of the most acquisitive companies in the consumer and retail sector. The deal would add to the company’s stable of dozens of well-known brands, including Reebok, Brooks Brothers and Eddie Bauer.

By Lauren Coleman-Lochner and Crystal Tse

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