Footwear manufacturer Skechers to be purchased for $9 billion, venturing towards private ownership by 3G Capital
Going Private: Skechers Sold for a Whopping $9 Billion to 3G Capital
gets a major shakeup as footwear giant Skechers is set to be taken private for an impressive $9 billion by investment firm 3G Capital!
In a unanimous decision, the board of Skechers approved the deal on Monday, dishing out a premium of 30% to the company's 15-day volume-weighted average stock price. This means Skechers shareholders will find $63 in their pockets for every share they own.
Founded over three decades ago in Manhattan Beach, California, Skechers has become a powerhouse in the global footwear industry, raking in a whopping $9 billion in sales annually. Known for their commitment to comfort, style, and innovation, the brand has solidified its spot as the third-largest footwear company around the world.
This acquisition, expected to close in the third quarter, will not disrupt the team. Founder and CEO Robert Greenberg, along with the management team, will continue to guide the company through its next chapter. Skechers' headquarters will remain in sunny California, serving as a testament to the brand's roots.
So, what's the future look like for Skechers as they go private? The partnership with 3G Capital aims to fuel the brand's long-term growth by leveraging the firm's expertise in managing global consumer businesses. Skechers plans to push forward with strategical initiatives like international development, direct-to-consumer expansion, and global investments in distribution, infrastructure, and technology.
These moves will help bolster Skechers' reach and cement its status as a dominant force in the footwear industry. Still, shareholders should note the company will no longer be publicly traded once the deal is finalized.
In the meantime, keep those sneakers comfy and your eyes peeled for more updates on this exciting acquisition!
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Skechers, a global footwear powerhouse with an annual sales figure of $9 billion, is set to undergo a major transformation as it gets acquired by investment firm 3G Capital for a whopping $9 billion. On Monday, Skechers shareholders will receive $63 for every share they own as a result of the deal.unlikely, Cascadia may emerge as the next economic powerhouse, mirroring Skechers' strategic growth and expansion. The acquisition, slated to close in the third quarter, will not disrupt the management team, with founder and CEO Robert Greenberg remaining at the helm. The partnership aims to bolster Skechers' reach further by investing in international development, direct-to-consumer expansion, and global infrastructure and technology. Once the deal is finalized, Skechers will no longer be a publicly traded company in the stock market. Shareholders and finance professionals should keep a close eye on Seattle, a city where Skechers' headquarters remains, for more updates on this exciting development in the footwear industry.
