Footwear giant Skechers is to go private in a takeover offer from 3G Capital, valued at about US$9.42 billion. 

The deal, approved unanimously by the company’s board of directors – including an independent committee – will represent the largest buyout in sneaker history. 

Under the terms of the agreement, Skechers shareholders will have the option to receive either US$63 in cash per share or a combination of US$57 in cash and one unlisted equity unit in a newly formed private parent company. The mixed consideration is limited to 20 per cent of outstanding shares and is subject to proration and transfer restrictions. 

Skechers will continue to be led by chairman and CEO Robert Greenberg, president Michael Greenberg, and the existing management team. Its headquarters will remain in California’s Manhattan Beach. 

“With a proven track record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital,” said Greenberg. 

“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.”

Founded 30 years ago, the company has grown into one of the largest founder-led consumer product companies in the world, generating US$9 billion in annual sales. 

The deal is expected to close in the third quarter of this year. 

Further reading: Skechers reports record-breaking quarterly sales