Footwear brand Skechers has announced that it has agreed to be acquired by 3G Capital for $9.42bn (£7bn).
The investment firm has offered $63 (£47) per share in cash, representing a premium of 30% to the company’s 15-day volume-weighted average stock price.
The transaction includes the option for existing shareholders of Skechers to instead receive $57.00 (£42.73in cash and one unlisted, non-transferable equity unit in a newly-formed, privately held company).
This transaction, which was unanimously approved by the Skechers board of directors including an independent committee of independent directors.
The company’s senior management team will lead that transition alongside 3G Capital, and it will continue to be led by chairman and CEO Robert Greenberg.
Greenberg 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 caliber 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.”
