The Zapatero Skechers announced on Monday that he had agreed to be acquired by the 3G Capital investment firm in an agreement of $ 9.4 billion that would take the company in private three decades as a public entity. It is the largest and most necessary agreement in the footwear industry and was unanimously approved by the Skechers Board of Directors.
The transaction will close in the third quarter of this year and will be founded by a combination of cash of 3G capital, as well as the financing of the debmorganan chase bank’s debt, by Bloomberg. 3G Capital agreed to pay $ 63 per share, a 30% premium at the average price of Skechers shares.
After the agreement is closed, Skechers will no longer appear in the New York Stock Exchange. The company will still be directed by the founder, president and CEO Robert Greenberg and his current leadership team, including Operations Director David Weinberg.
“With a proven history, Skechers is understanding its next chapter in association with the 3G capital investment firm,” Greenberg said in a press release. “Given its remarkable story of facilitating the success of the most emblematic global consumer companies, we believe that this association will support our talented team while executing their experience to meet the needs of our consumers and growth. The company is at the same time that allows the” “” “” “” “” “” “” “” “” “” “” “” “
The founders of Skechers, Robert Greenberg (left) and their son Michael Greenberg (right) in an Skechers exhibition room. Photo by Carlos Chavez/Los Angeles Times through Getty Images
Skechers is one of the many footwear companies that signed a letter to President Donald Trump last week asking for a respite of reciprocal tariffs, which are such a high axis of 145% for imports from China and in a baseline or 10% for all countries.
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“When directing business, manufacturers and retailers of American footwear, we urge you to exempt the footwear of the reciprocal rates,” says the letter, which was signed by Nike, Adidas, Under Armor and Puma. He continues to say that rates could cause “substantial costs” and make the footwear inventory reduce in the United States
Skechers is the third largest footwear company in the United States after Nike and Deckers, with a market capitalization of $ 9.25 billion at the time of writing. The shoemaker was founded in 1992 and was made public in 1999 at an initial public price of $ 11 per share.
The more recently Skechers’s gain report, published last month, shows that sales reached a record duration of $ 2.41 billion the first quarter of the year that ended on March 31, 7.1% more year after year. Wholesale sales increased by 7.8% as the quarter passed.
The company began in the report that strong quarterly sales reflected “a strong global demand.” International sales outside the United States contributed 65% of Skechers businesses.
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Meanwhile, 3G Capital has made a name for ITELF with its emphasis on cost reduction and restructuring since it was founded in 2004. The company focuses on the budget based on zero, or that executives begin in zero new quarters of each eagle of each new quarter.
3G Capital previously agreed to buy a majority participation in the blinds and the manufacturer of Hunter Douglas NV people for $ 7.1 billion in 2021. The company also orchestrated the fusion of 2015 between the group and the company HJ Heinz Helfhaire.
Skechers actions increased around 24% at the time of writing.