Skechers to be acquired by 3G Capital for $9.4B
A major footwear company is going private.
Skechers U.S.A. Inc. has announced that it has agreed to be acquired by global investment firm 3G Capital for approximately $9.4 billion. 3G Capital has agreed to pay $63.00 per share in cash for all outstanding shares of Skechers, representing a premium of nearly 30% to Skechers’ 15-day volume-weighted average stock price.
3G Capital says that upon completion of the acquisition, Skechers, the third-largest footwear company in the world, will continue to execute its ongoing strategic initiatives, including international development, direct-to consumer expansion, domestic wholesale growth and more. The transaction is expected to close in the third quarter of 2025.
[READ MORE: Skechers to open 180 to 200 stores worldwide in 2025]
The agreement was unanimously approved by the Skechers board of directors, and includes an independent committee of directors. Chairman and CEO Robert Greenberg, president Michael Greenberg, and the rest of the current management team will remain in place. Skechers will also remain headquartered in its hometown of Manhattan Beach, Calif. where it was founded over 30 years ago.
“We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s caliber and the talented Skechers team,” said Alex Behring, co-founder and co-managing partner, and Daniel Schwartz, co-managing partner, at 3G Capital. “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.”
The transaction will be financed through a combination of cash provided by 3G Capital as well as debt financing that has been committed by JPMorgan Chase Bank, N.A. Upon completion of the transaction, the Skechers’ common stock will no longer be listed on the New York Stock Exchange, and Skechers will become a private company.
“Over the last three decades, Skechers has experienced tremendous growth,” said Robert Greenberg. “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. 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.”
Greenhill, a Mizuho affiliate, acted as exclusive financial advisor and Latham & Watkins LLP acted as lead legal counsel to Skechers. J.P. Morgan Securities LLC acted as exclusive financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as lead legal counsel to 3G Capital, with Kirkland & Ellis LLP serving as financing legal counsel.
Skechers’ shoes are available in approximately 180 countries through department and specialty stores. It operates more than 5,300 Skechers retail stores worldwide.
