Skechers U.S.A. and 3G Capital Partners L.P. have the go ahead to move forward on their $9 billion merger deal.
The transaction, first disclosed on May 5, has the clearance to proceed to closing now that “all regulatory approvals required to complete” the deal have been received, the parties said on Thursday. The expected closing date is Sept. 12, 2025, subject to the completion of customary closing conditions.
Stockholders of record of Skechers common stock as of July 29, 2025, have until 5:00 p.m. Eastern Time on Sept. 5 to make their merger election. 3G Capital is offering $63 a share for each Skechers share. Skechers shareholders have the option of receiving $57 per share in cash and one unlisted, non-transferable equity unit in a newly formed entity that will become the parent of Skechers when the deal closes.
A Skechers investor lost a bid to delay the closing of the deal on the grounds that it needed more information regarding the shareholder elections. A California federal district court judge in Los Angeles in July ruled against the investor. That ruling allowed the deal to proceed once the Securities and Exchange Commission gave its nod to the transaction. The SEC approval has since been received, according to Skechers and 3G on Thursday. The two had previously garnered antitrust approval in June.
The value of the deal — the biggest in shoe buyout history — reflects the business prowess of Robert and Michael Greenberg, the father-son duo tht has taken the company from a start-up to a global powerhouse over the past three decades. Both Greenbergs will remain with the company after the transaction closes, as will other members of the senior management team. In addition, Skechers will remain headquartered in its hometown of Manhattan Beach, Calif.
3G Capital is a Brazilian private-equity firm founded in 2004 by Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Herrmann Telles. It includes in its portfolio consumer brands Kraft Heinz, Burger King, Tim Horton and Hunter Douglas. The private equity firm’s playbook includes boosting margins through cost-cutting and efficiencies. TD Cowen retail analyst John Kernan expects that Skechers won’t remain private for long. He believes Skechers will become “public again in the distant future,” the analyst said at the time the deal was announced.
When the deal closes, Skechers will become a private company. Existing Skechers shares will be extinguished and will no longer trade on the New York Stock exchange.
The shoe firm reported earnings for the last time on Aug. 8. For the second quarter, Skechers posted a 21.5 percent increase in net income to $170.5 million, or $1.13 a diluted share, versus net income of $140.3 million, or 91 cents, in the same year-ago period. Net sales rose 13.1 percent to $2.44 billion from $2.16 billion.
