Skechers has agreed to be acquired by 3G Capital in a deal valued at approximately $9 billion, the companies announced on May 5.
The all-cash transaction will take the California-based footwear company private, ending its three-decade run as a public company.
Skechers said it will continue to be led by Chairman and CEO Robert Greenberg, President Michael Greenberg, and Chief Operating Officer David Weinberg, with no changes to its senior leadership team or headquarters in Manhattan Beach, California.
“Over the last three decades, Skechers has experienced tremendous growth,” Greenberg said in the statement.
“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.”
Under the deal, shareholders can choose between two options: receive $63 per share in cash, or elect a mixed option consisting of $57 in cash and one unlisted, non-transferable equity unit in a new, private parent company.
“We are thrilled to be partnering with Skechers,” 3G Capital Co-Managing Partners Alex Behring and Daniel Schwartz said in a joint statement. “We have immense admiration for the business that this team has built, and look forward to supporting the company’s next chapter.”
The transaction will be financed through a combination of equity from 3G Capital and debt funding provided by JPMorgan Chase Bank. The Greenberg family, which controls about 60 percent of Skechers’ voting power, has already approved the transaction by written consent.
Skechers is a Fortune 500 company and the third-largest footwear brand in the world by revenue. The company generated a record $9 billion in sales in 2024, with net earnings of $640 million. Skechers shares rose 25 percent at the opening bell on Monday to $61.72 following the news.
Skechers said it will continue to focus on key growth areas, including product innovation, international development, direct-to-consumer expansion, domestic wholesale growth, and global infrastructure investments.
