Skechers to be acquired for $9.4 billion by 3G Capital
US footwear giant Skechers has agreed to be acquired by private equity firm 3G Capital in a $9.4 billion (£7 billion) deal.
Skechers will continue to be led by Chairman and Chief Executive Officer Robert Greenberg, President Michael Greenberg, and Chief Operating Officer David Weinberg.
The company "will remain focused on its successful strategy of delivering style, comfort, quality, and innovation at an affordable price".
3G Capital will pay $63 (£47) per share in cash for Skechers, "representing a premium of 30% to the company’s 15-day volume-weighted average stock price".
Robert Greenberg, Chairman and Chief Executive Officer of Skechers, said: "Over the last three decades, Skechers has experienced tremendous growth. Our success has been due to our commitment to excellence and innovation across the entire Skechers organisation, in-demand, comfort-focused product offering, and loyal partners.
"With a proven track record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital. Given their remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will support our talented team as they execute their expertise to meet the needs of our consumers and customers while enabling the company’s long-term growth."
Alex Behring, Co-Founder and Co-Managing Partner, and Daniel Schwartz, Co-Managing Partner of 3G Capital, added: "We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s calibre and the talented Skechers team. Skechers is an iconic, founder-led brand with a track record of creativity and innovation.
"We have immense admiration for the business that this team has built, and look forward to supporting the company’s next chapter. Our team at 3G Capital is built to partner with companies like Skechers."
Skechers, which was founded in California in 1992, will become a privately held company upon completion of the transaction.
