Manhattan beach footwear brand Skechers will be privately owned for a $9.4 billion deal.
New York investment firm 3G Capital will acquire the company in a deal expected to close in the third quarter, the company said on Monday.
Before the deal was announced, Skechers had a market capitalization of approximately $7.4 billion.
The valuation is $9.4 billion, reflecting the price of $63 per share at Class A and Class B shares.
The company’s shares rose nearly 25% on Monday, but so far, the company’s shares have fallen 28% as of Friday’s close.
“Skechers is an iconic, founder-led brand with a record of creativity and innovation. We admire the business that the team has built and look forward to supporting the company’s next chapter,” 3G said in a statement.
Skechers decided not to provide sales announcements after full-year guidance in April, citing “macroeconomic uncertainty arising from global trade policies.”
President Trump’s aggressive tariffs have affected trade with major manufacturing hubs, including Vietnam and China, where Skychel made a large portion of the shoes. Trump imposed a 145% tax on goods imported from China.
This is a developing story. Bloomberg contributed to the report.
