Footwear giant Skechers bids farewell to the stock market
World-renowned footwear brand Skechers is being acquired by 3G Capital in a $9.4 billion deal. A payment of $63 per share will be made for the company's stock, and Skechers will be delisted from the stock exchange to become a private company.
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World-renowned footwear brand Skechers has accepted an acquisition offer from private equity firm 3G Capital. According to the agreement, 3G Capital will pay $63 in cash per share for Skechers stock. This offer represents a premium of approximately 30 percent compared to the company's market value.
Following the completion of the acquisition, Skechers will be delisted from the stock exchange and transition to private ownership. This development may signal significant changes in the company's management structure and strategic direction.
3G Capital will spend approximately $9.4 billion to acquire all shares of the company.
Skechers CEO Robert Greenberg stated in a press release, “With its proven track record of success, Skechers is turning a new page by partnering with global investment firm 3G Capital. Given their extraordinary history of contributing to the success of the most iconic global consumer companies, we believe this partnership will support the company's long-term growth while our talented team utilizes their expertise to meet the needs of our consumers and customers.”
Greenberg will continue to serve as CEO of Skechers after the acquisition is completed.