3G Capital is buying Skechers (NYSE: SKX) for $63 a share in a deal worth about $9.4 billion. This acquisition, announced on Monday, will give Skechers a 30% premium based on its recent trading average and a 28% premium to its closing price last Friday.
With this deal, Skechers will become a private company. Skechers’ board of directors and an independent committee have unanimously approved the agreement, which is expected to finalize in the third quarter of 2025, pending regulatory approvals. The deal already has support from stakeholders holding about 60% of Skechers’ voting power, so a shareholder vote is not needed.
Skechers shareholders can choose to receive either $63 per share in cash or a mix of $57 per share in cash plus a non-tradable equity unit in the new company. However, only up to 20% of shares can take the mixed option, with any excess adjusted proportionately. Shareholders who don’t make a choice will receive the cash option by default.
This acquisition shows 3G Capital’s belief in Skechers’ future growth and its leadership. After the acquisition, Skechers will continue to be led by Chairman and CEO Robert Greenberg, President Michael Greenberg, and COO David Weinberg. The company will stay in Manhattan Beach, California, and keep focusing on product innovation, international growth, and direct sales.
Skechers has performed well, reporting a 12.1% revenue increase in FY24 to $8.97 billion, with strong growth in both wholesale and direct sales. The acquisition is expected to give Skechers the financial support it needs to further expand internationally.
3G Capital will finance the buyout using its funds and debt from JPMorgan Chase. Once the deal is completed, Skechers shares will be delisted from the New York Stock Exchange, ending its time as a public company.
After the news was announced, Skechers shares jumped more than 25% to $61.75, showing strong investor confidence in the offer and the company’s future under private ownership.
This deal is one of the largest buyouts of a founder-led consumer brand in recent years. It also highlights 3G Capital’s interest in high-growth companies. As consumer preferences and competition change in the footwear industry, Skechers is set for a new phase of growth and innovation under 3G Capital’s management.