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Skehees, a Manhattan Beach footwear brand, will be private with a $9.4 billion deal.
New York investment firm 3G Capital will acquire the company in a transaction that is scheduled to close in the third quarter, the company said Monday.
Skechers’ market value was approximately $7.4 billion before the deal was announced.
The $9.4 billion valuation reflects the price of $63 per share, when considering Class A and Class B stocks.
The company’s shares rose almost 25% on Monday, but fell 28% in the year by the end of Friday.
“Skechers is an iconic, founder-led brand with a track record of creativity and innovation. We have great admiration for the business this team has built and look forward to supporting the company’s next chapter,” 3G said in a statement.
The sale announcement follows a decision by Skechers not to provide year-round guidance in April, citing “macroeconomic uncertainty due to global trade policies.”
President Trump’s aggressive tariffs have affected trade with major manufacturing hubs, including Vietnam and China, where Skegers make most of the shoes. Trump has levied a 145% tax on goods imported from China.
This is a developing story. Bloomberg contributed to this report.
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