Skechers will be acquired by 3G Capital, it announced Monday The investment firm purchased the footwear giant for $9.5 billion in a deal that will take it private The acquisition comes at a time when tariffs have companies in the footwear industry nervous about the future

Skechers (NYSE:SKX) announced Monday that it will be acquired by global investment firm 3G Capita for $9.5 billionl.

The third-largest shoe company in the world, Skechers was founded in 1992 by father-son duo Robert and Michael Greenberg. The company is still founder-run, and the Greenbergs will retain their respective positions as CEO and president after the take-private deal closes.

3G Capital has previously acquired Burger King and Tim Hortons and is responsible for the Kraft-Heinz merger.

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According to Skechers, 3G will buy out each of the company's 18 million public shares in one of two ways. Either it will pay $63 in cash for each share, or it will pay $57 per share with the addition of a single share in the new LLC that will become Skecher's parent company.

"Over the last three decades, Skechers has experienced tremendous growth," Robert Greenberg said. "Given [3G Capital's] remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will support our talented team as they execute their expertise to meet the needs of our consumers and customers while enabling the Company's long-term growth."

The deal is expected to close in the third quarter of this year.

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In 2024, Skechers reported a record $9 billion in sales. Some 62% of those sales take place outside the U.S., in one of the 180 countries the company has a presence in, according to a recent investor presentation.

The deal with 3G Capital comes at a time when uncertainties about international sales and imports are increasing. Skechers, in particular, could feel the crunch of those tariffs since its  manufacturing operations are primarily overseas in places like China and India. Tariffs on products made in China currently sit at 145% and at 26% on products made in India.

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But the potential financial shift doesn't seem to have shaken 3G Capital's feelings on the deal. "We have immense admiration for the business that this team has built, and look forward to supporting the Company's next chapter," Alex Behring and Daniel Schwartz, co-managing partners of the firm, said in the announcement.

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This article Skechers Set To Go Private Amidst Tariff Drama, Hopes New Partnership Will 'Enable The Company's Long-Term Growth' originally appeared on Benzinga.com

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