PE investor 3G buys Skechers in $9.4bn deal
The deal will be financed through a combination of cash provided by 3G Capital as well as debt financing that has been committed by JPMorgan Chase Bank. Before the deal was announced, Skechers had a market value of about USD 7.4 billion. It brought in USD 9 billion in revenue last year. Shares of the shoe company rose as much as 25% on Monday in New York.
Skechers will continue to be led by its CEO, Robert Greenberg. After the deal, Skechers will become a private company. Skechers, founded by Greenberg in 1992, has focused on less-flashy sectors of the footwear market, with comfortable styles. 3G, the New York-based private equity firm, has a reputation of doing few but large deals. Founded in 2004, it made its first splash by acquiring Burger King in 2010.
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