Skechers footwear manufacturer will be acquired by 3G Capital, an investment fund founded by the trio of Brazilian billionaires Jorge Paulo Lemann, Marcel Telles and Beto Sicupira, the company said on Monday (5).
3G offered to pay $ 63 per share of Skechers in cash to close the company’s capital, a 28% award for the closing of the action on Friday.
Skechers shares rose almost 26%to $ 62.10 in pre-market negotiations on Monday after the announcement.
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The company will continue to be led by its founder and CEO, Robert Greenberg, as well as President Michael Greenberg and COO David Weinberg. The headquarters will follow in Manhattan Beach, California.
“With a proven history, Skechers is entering its next chapter in partnership with the Global Investment Company 3G Capital,” Greenberg said in a statement.
“Given its remarkable history of facilitating the success of some of the most emblematic global consumer business, we believe this partnership will support our talented team in applying their expertise to meet the needs of our consumers and customers, while allowing the long -term company growth,” he said.
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According to 3G Capital, the goal is to support the expansion of Skechers in areas such as international development, direct consumer channels, domestic wholesale and strategic investments in distribution, infrastructure and technology.
The manager, who has a history of investments in major global consumer brands, said the acquisition represents a long -term partnership with a “founding and innovative” company.
Upon completion of the operation, Skechers will no longer be listed in the stock market and will become a closed capital company. According to the statement, current shareholders will also have the option to receive a mixed consideration whose details were not disclosed.
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With annual revenue of $ 9 billion, Skechers is currently the third largest shoe company in the world. The company pointed out that the transaction was unanimously approved by the Board of Directors, including an independent committee.
