Sports shoe maker Deckers Outdoor Corp on Tuesday completed a $62 million deal to acquire sport sandal brand Teva from creator Mark Thatcher in a move that will give it control of its leading licensed brand.

The California-based company said it expects the transaction - first announced last month - to increase income in fiscal 2003 by about $1m. Teva footwear accounted for around two thirds of Deckers' total sales of $91.5m last year.

The firm will pay Mr Thatcher $43m in cash along with $13m in subordinated notes, $5.5m in preferred stock and 100,000 common shares, with options to purchase another 100,000.

Deckers said the deal means it now owns all of the Teva worldwide assets including all patents, tradenames, trademarks and all other intellectual property, as well as Teva's existing catalogue and internet retailing business.

Chairman and CEO Douglas Otto said: "We are pleased to have completed this major transaction which will allow us to maximise the true potential of the Teva brand.

"With the acquisition finalised, we believe the pieces are in place to take this company to the next level and we are dedicated to capitalising on the opportunities that we have created."