Skechers to be acquired by 3G Capital in take-private deal, shares soar 25%

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Skechers to be acquired by 3G Capital in take-private deal, shares soar 25%

The entrance of the Sketchers retail store at the Barton Creek Square Mall on July 16, 2024 in Austin, Texas. 

Brandon Bell | Getty Images

Footwear giant Skechers has agreed to be acquired by private equity firm 3G Capital, the companies announced on Monday.

The firm will pay $63 per share in cash for Skechers, a 30% premium to the company’s current valuation on the public markets. Once the deal is closed, Skechers will become a privately held company.

“With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital,” Skechers’ CEO Robert Greenberg said in a news release.

“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.”

Greenberg will stay on as Skechers’ CEO and continue enacting the company’s strategy after the acquisition is completed.

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