Skechers USA (NYSE:SKX)’ shares jumped 25% at the opening bell Monday, following news that the company is being acquired by investment firm 3G Capital for $9 billion.
The acquisition offer of $63 per share represents a 30% premium over Skechers' recent stock price.
Skechers, which reported a record $9 billion in revenue and $640 million in earnings for 2024, will continue to be led by CEO Robert Greenberg, with its headquarters remaining in Manhattan Beach, California.
The deal, approved unanimously by Skechers' board, is expected to close in the third quarter of this year.
Skechers, which reported a record $9 billion in revenue and net earnings of $640 million for 2024.
But with China making up 15% of the company’s revenue, new tariffs could affect pricing on imported goods.
"Skechers is an iconic, founder-led brand with a track record of creativity and innovation," 3G's Co-Managing Partners Alex Behring and Daniel Schwartz said in a statement.
"We have immense admiration for the business that this team has built, and look forward to supporting the company’s next chapter."