Skechers to be acquired and taken private by 3G Capital
Skechers is to be acquired and taken private by global investment firm 3G Capital in a $9.4 billion deal.
Following completion of the transaction, the footwear brand will continue to be led by chairman and chief executive Robert Greenberg, president Michael Greenberg, and its current management team.
Skechers said the move will give it the opportunity to further evolve as a global leader in both lifestyle and performance footwear as it continues to pursue international development, direct-to-consumer expansion, and wholesale growth. It will also continue to make strategic investments in global distribution, infrastructure and technology.
Robert 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 organization, in-demand comfort-focused product offering, and loyal partners.
Never Miss a Retail Update!“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.”
The deal was unanimously approved by the Skechers board. Skechers shareholders holding approximately 60% of the combined voting power of the outstanding shares of Skechers common stock approved the transaction by written consent.
