Skechers, the Manhattan Beach footwear brand, is getting privately in an agreement of $ 9.4 billion.
The New York Investment Firm 3G Capital will acquire the company in a transaction that is expected to close in the third quarter, the company said on Monday.
Skechers had a market value of approximately $ 7.4 billion before the agreement was announced.
The valuation of $ 9.4 billion reflects a price of $ 63 per share by accounting for class A and class B.
The company’s shares increased almost 25% on Monday, but they had 28% to date until Friday.
“Skechers is an iconic brand directed by the founder with a history of creativity and innovation. We have an immense admiration for the business that this team has built and hopes to support the next chapter of the company,” 3G said in a statement.
The sale announcement continues to a Skechers decision not to offer guidance throughout the year in April, citing “vote of macroconomic uncertainty of global commercial policies.”
The aggressive tariffs of President Trump have impacted trade with important manufacturing centers, including Vietnam and China, where Skechers does a large part of his shoes. Trump placed a 145% tax on the imported goods from China.
This is a development story. Bloomberg contributed to this report.
