Skechers, a shoe manufacturing company, has agreed to be acquired by 3G Capital, a private investment firm known for partnering with Founder-led consumer brands. Under the definitive merger agreement, 3G Capital will acquire Skechers for $63.00 per share in cash, representing a 30% premium over its 15-day volume-weighted average stock price. Alternatively, shareholders may elect to receive $57.00 in cash and one equity unit in a newly formed private company that will become the parent of Skechers.
Skechers will continue to operate under the leadership of Chairman and CEO Robert Greenberg, President Michael Greenberg, and the current management team. The company will remain headquartered in Manhattan Beach, California, and will continue executing its strategic plans across product innovation, international expansion, and direct-to-consumer growth. Following the transaction, Skechers will be privately held and delisted from the New York Stock Exchange. Showing the excitement on acquisition, Alex Behring, Co-Founder and Co-Managing Partner, and Daniel Schwartz, Co-Managing Partner of 3G Capital, stated, “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.”
