Skechers to be acquired by 3G Capital in take-private deal, shares soar 25%
The post Skechers to be acquired by 3G Capital in take-private deal, shares soar 25% appeared on BitcoinEthereumNews.com. The entrance of the Sketchers retail store at the Barton Creek Square Mall on July 16, 2024 in Austin, Texas. Brandon Bell | Getty Images Footwear giant Skechers has agreed to be acquired by private equity firm 3G Capital for $63 per share, ending its nearly three-decade run as a public company, the retailer announced on Monday. The price 3G Capital agreed to pay represents a 30% premium to Skechers’ current valuation on the public markets, which is line with similar takeover deals. Shares of Skechers soared more than 25% after the transaction was announced. “With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital,” Skechers’ CEO Robert Greenberg said in a news release. “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,” he said. The transaction comes at a difficult time for the retail industry and in particular, the footwear sector, which relies on discretionary spending and overseas supply chains that are now in the crosshairs of President Donald Trump’s trade war. Last week Skechers signed onto a letter penned by the Footwear Distributors and Retailers of America trade group asking for an exemption from Trump’s tariffs. And, a little over a week ago, Skechers withdrew its full-year 2025 guidance “due to macroeconomic uncertainty stemming from global trade policies” as companies brace for a drop in consumer spending that will disproportionately impact the footwear and apparel sectors. Skechers declined to say how much of its supply chain is based in China, which is currently facing 145% tariffs, but cautioned that two-thirds of its…
The post Skechers to be acquired by 3G Capital in take-private deal, shares soar 25% appeared on BitcoinEthereumNews.com.
The entrance of the Sketchers retail store at the Barton Creek Square Mall on July 16, 2024 in Austin, Texas. Brandon Bell | Getty Images Footwear giant Skechers has agreed to be acquired by private equity firm 3G Capital for $63 per share, ending its nearly three-decade run as a public company, the retailer announced on Monday. The price 3G Capital agreed to pay represents a 30% premium to Skechers’ current valuation on the public markets, which is line with similar takeover deals. Shares of Skechers soared more than 25% after the transaction was announced. “With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital,” Skechers’ CEO Robert Greenberg said in a news release. “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,” he said. The transaction comes at a difficult time for the retail industry and in particular, the footwear sector, which relies on discretionary spending and overseas supply chains that are now in the crosshairs of President Donald Trump’s trade war. Last week Skechers signed onto a letter penned by the Footwear Distributors and Retailers of America trade group asking for an exemption from Trump’s tariffs. And, a little over a week ago, Skechers withdrew its full-year 2025 guidance “due to macroeconomic uncertainty stemming from global trade policies” as companies brace for a drop in consumer spending that will disproportionately impact the footwear and apparel sectors. Skechers declined to say how much of its supply chain is based in China, which is currently facing 145% tariffs, but cautioned that two-thirds of its…
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