By Katherine Hamilton
Skechers agreed to become a privately held company through a merger with 3G Capital.
The footwear company said Monday 3G plans to pay $63 a share in cash for all of Skechers's outstanding shares.
The proposed deal represents a premium of 30% to Skechers's 15-day volume-weighted average stock price, the companies said.
Existing Skechers shareholders have the option to instead receive $57 a share in cash and one unlisted, non-transferable equity unit in the newly formed private company after the deal closes.
3G expects to hold about 80% of the new company's outstanding units immediately following the deal's closing.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
By Katherine Hamilton
Skechers agreed to become a privately held company through a $9.42 billion deal with 3G Capital.
The footwear company said Monday 3G plans to pay $63 a share in cash for all of Skechers's outstanding shares.
Skechers shares climbed 26% to $62.05 on Monday morning before the markets opened.
The proposed deal represents a premium of 30% to Skechers's 15-day volume-weighted average stock price, the companies said. Skechers's board of directors unanimously approved the transaction, and the deal is expected to close in the third quarter of 2025.
Existing Skechers shareholders have the option to instead receive $57 a share in cash and one unlisted, non-transferable equity unit in the newly formed private company after the deal closes. 3G expects to hold about 80% of the new company's outstanding units immediately following the deal's closing.
Skechers Chief Executive and Chair Robert Greenberg, who also founded the company, plans to remain at the helm. Chief Operating Officer David Weinberg is also set to stay on.
Skechers is among the world's largest footwear companies and made $8.97 billion in sales in 2024. It went public in 1999 at a price of $11 a share.
3G has acquired other major brands including Restaurant Brands International, the holding company of Burger King and Tim Hortons.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
May 05, 2025 09:20 ET (13:20 GMT)
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