Private equity firm 3G Capital reached a deal to buy Skechers and take the footwear company private.
The two announced the multibillion-dollar transaction on Monday, with California-based Skechers saying the deal received “unanimous” approval from its board.
Under the deal, 3G Capital will purchase outstanding Skechers shares for $63 each. There is also an “option for existing shareholders of Skechers to instead receive $57.00 in cash and one unlisted, non-transferable equity unit… in a newly-formed, privately held company that, following the closing of the transaction, will be the parent company of Skechers,” the footwear company said. The entire deal is reportedly worth $9.4 billion.
3G Capital’s purchase of Skechers is anticipated to be completed in the third quarter. It is “subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals,” per Skechers.
Skechers will stop trading on the New York Stock Exchange once the private equity firm finishes the transaction and officially takes the footwear company private. It has been a publicly traded company for nearly 26 years, using the ticker “SKX.”
Skechers CEO Robert Greenberg said in a statement the footwear company was “entering its next chapter in partnership with the global investment firm 3G Capital.”
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“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,” he said of 3G Capital.
The management team currently running Skechers, including Robert Greenberg and President Michael Greenberg, will stay at the helm of the footwear company post-transaction, Skechers said.
The company also said it plans to “continue to execute its ongoing strategic initiatives including designing award-winning and innovative product, international development, direct-to-consumer expansion, domestic wholesale growth and strategic investments in global distribution, infrastructure and technology.”
In late April, Skechers said it had generated $2.41 billion in sales in the first quarter. Its net earnings, meanwhile, came in at $202.4 million.
The company rescinded its annual guidance for 2025, a decision it attributed to “macroeconomic uncertainty stemming from global trade policies” amid the Trump administration’s implementation of tariffs with almost all trading partners.
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Skechers, co-founded by Robert and Michael Greenberg in 1992, considers itself the third-largest footwear company in the world. It sold a whopping 297 million units last year.
Its market capitalization hovered around $9.19 billion on Tuesday, the day after it unveiled the 3G Capital deal.
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Original article source: Skechers to go private following $9.4B deal with 3G Capital
