Background on Skechers and 3G Capital
Skechers, a well-known American footwear company founded over 30 years ago in Manhattan Beach, California, is set to be acquired by the Brazilian investment firm 3G Capital Partners. The deal, valued at approximately $9.4 billion (€8.315 billion), positions 3G Capital as the third-largest global player in the footwear sector.
Key Details of the Acquisition
- The acquisition was approved by Skechers shareholders who hold around 60% of the combined voting power of ordinary shares in circulation, eliminating the need for further action from other Skechers shareholders.
- 3G Capital Partners will pay $63 in cash for each outstanding Skechers share, representing a 27% premium over the previous week’s closing price.
- Shareholders have the option to receive $57 in cash and a unit of non-trading, non-transferable capital in a newly created private company, which will become Skechers’ parent following the transaction’s closure.
Impact on Skechers Operations
Upon completion of the acquisition, expected by the third quarter of 2025, Skechers’ ordinary shares will cease trading on the New York Stock Exchange. The company will remain under the leadership of its current president and CEO, Robert Greenberg, along with President Michael Greenberg and the existing management team.
Skechers will continue to operate from its hometown, Manhattan Beach, California, where it was established more than three decades ago.
Statements from Key Figures
“We believe this partnership will support our talented team as they leverage their expertise to meet the needs of our consumers and customers while driving long-term growth for the company,” said Robert Greenberg, president and CEO of Skechers.
Alex Behring, co-founder and co-managing partner, along with Daniel Schwartz, co-managing partner of 3G Capital, commented: “Skechers is an iconic brand, led by its founder, with a history of creativity and innovation.”
Key Questions and Answers
- Who is acquiring Skechers? The Brazilian investment firm 3G Capital Partners.
- What is the value of the acquisition? Approximately $9.4 billion (€8.315 billion).
- What will happen to Skechers’ shares? Skechers’ ordinary shares will cease trading on the New York Stock Exchange following the acquisition.
- Will Skechers’ operations change? No, Skechers will continue to operate from Manhattan Beach, California, under the current management team.
- What do key figures say about the acquisition? Robert Greenberg, Skechers’ president and CEO, expressed confidence in the partnership’s potential to support the company’s growth. Meanwhile, Alex Behring and Daniel Schwartz of 3G Capital acknowledged Skechers’ creative and innovative legacy.
