News Summary
Skechers has announced its decision to go private in a $9.4 billion acquisition deal with 3G Capital. The agreement will see the investment firm pay $63 per share, marking a 30% premium on the current valuation. Skechers’ board of directors has unanimously approved the transaction, with CEO Robert Greenberg retaining his position. The acquisition aims to enhance Skechers’ strategic initiatives in product development and global distribution, with completion expected in the third quarter of 2025, pending regulatory approvals.
Manhattan Beach, California — Skechers has announced a significant decision to go private in a deal valued at $9.4 billion with investment firm 3G Capital. The acquisition will see 3G Capital pay $63 per share for Skechers, reflecting a 30% premium over the company’s current public market valuation.
The board of directors at Skechers, which includes an independent committee, has unanimously approved this transaction, paving the way for the footwear giant to transition into a privately-held company. As part of the agreement, Skechers’ CEO, Robert Greenberg, is set to retain his position following the acquisition.
The deal outlines a continued commitment to strategic initiatives focusing on product development and global distribution. Shareholders have the option to receive either cash or equity in a newly-formed company, with those holding approximately 60% of the voting power already providing written consent for the transaction.
However, the successful completion of this acquisition is contingent upon meeting customary closing conditions, including necessary regulatory approvals. The transaction is anticipated to finalize in the third quarter of 2025.
3G Capital plans to finance this acquisition through a combination of cash and debt financing from JPMorgan Chase Bank. Once the transaction is completed, Skechers’ common stock will no longer be traded on the New York Stock Exchange.
Skechers is currently recognized as the third largest footwear company worldwide, having experienced remarkable growth over the last 30 years. The brand is well-known for its emphasis on comfort, style, quality, and innovation, which has significantly contributed to its market position.
3G Capital, known for its owner-operator approach to long-term investing, has a successful track record with several iconic global consumer brands. This acquisition reflects the firm’s strategy to enhance long-term growth prospects for Skechers, aligning with Greenberg’s vision for the company’s future.
Headquartered in Manhattan Beach, California, where it has operated since its founding over three decades ago, Skechers aims to maintain its course of innovation and market leadership. This partnership with 3G Capital is seen by company leadership as a pivotal opportunity for advancing Skechers’ mission in the competitive footwear landscape.
As this significant transition approaches, both Skechers and its stakeholders are preparing for the forthcoming changes and opportunities that the acquisition will bring. The coordination of this transaction involved financial and legal advisors from Greenhill, Latham & Watkins LLP, and J.P. Morgan Securities LLC, ensuring a meticulously planned negotiation process.
With the looming changes in ownership, Skechers is poised to leverage this partnership to further its goals and enhance its presence in the footwear industry while continuing to prioritize consumer satisfaction and brand development.
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