Skechers goes private following 3G Capital acquisition
The Brazilian private equity firm 3G Capital has completed its acquisition of Skechers. After almost three decades as a public company, Skechers has gone private
On the 12th of September, Skechers announced that it had completed its acquisition by 3G Capital, thereby becoming a private company. Consequently, the company's shares are no longer traded on the New York Stock Exchange under the ticker symbol ‘SKX’.
The 9.42 billion US dollars deal was announced in May and, on the 28th of August, the transaction received clearance to proceed with closing, having received all the required regulatory approvals.
Going forward, the company will continue to be led by its executive management team, including Chief Executive Officer Robert Greenberg and President Michael Greenberg. This father-and-son duo is credited with taking the company from a family start-up to a global industry leader over the past three decades.
“We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s caliber and the talented Skechers team. Skechers is an iconic, founder-led brand with a track record of creativity and innovation. We have immense admiration for the business that this team has built, and look forward to supporting the Company’s next chapter”, said Alex Behring and Daniel Schwartz, Co-Founders and Co-Managing Partners of 3G Capital, in May.
Image Credits: investors.skechers.com
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