Skechers will soon enter a brand new age. Skechers, the global footwear company announced Monday it had agreed to be purchased by 3G Capital. The deal will see 3G Capital take over ownership of the business.
This transaction represents a major shift in corporate structure for the company and is a reflection of growing investor interest towards consumer retail brands.
According to the agreement 3G Capital is purchasing Skechers at $63 in cash per share — 30% more than its latest stock market valuation.
Skechers is valued at $9.4 Billion, a sign of 3G Capital’s belief in its long-term potential.
After the purchase is completed, Skechers’ stock will no longer be listed on public markets. It will now operate as a private company.
Robert Greenberg, the current CEO of the company will continue to lead the organization and execute its strategic vision despite the change in ownership.
Greenberg stated in a press release that Skechers, with its proven track record of success, is now entering the next chapter as a partner with 3G Capital.
We believe that this partnership, given their history of creating iconic consumer brands will enable our team to continue delivering value for customers and driving sustainable growth.
3G Capital invests in consumer-facing brands like Burger King, Kraft Heinz and Anheuser-Busch InBev.
This firm has been able to reshape global businesses through a practical, hands-on approach.
This move is made at a moment when many legacy brands in retail are looking for new ways to keep up with a consumer landscape that’s rapidly changing.
Skechers may benefit from going private because it will allow them to expand globally, innovate and adapt to changes in customer preferences, without being under the constant pressure of quarterly targets.
This deal is still awaiting regulatory approvals, but it’s expected to be completed later in the year.
The post Global footwear company Skechers goes private with 3G Capital in $9.4 Billion deal may be updated as new information unfolds
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