Showmaker sketches Announced On Monday that he agreed to be acquired by the invested firm 3G Capital, an investment firm in a $ 9.4 billion deal, which would take the company private after nearly three decades as a public unit. it is Biggest deal The footwear was unanimously approved in the industry and by the Sketches Board of Directors.
The transaction will be closed in the third quarter of this year and will be funded from JP Morgan Chess Bank with a combination of cash from 3G capital. Bloomberg3G Capital has agreed to pay $ 63 per share, A 30% premium For the average stock price of sketches.
After the deal is closed, sketchers will no longer be listed on the New York Stock Exchange. The company will still be led, including founder, president and CEO Robert Greenberg and its current leadership team COO David Waneberg.
“With a proven track record, sketchers are entering their next chapter in partnership with Global Investment Firm 3G Capital,” Greenberg Stated in a press release“Given their notable history of some of the most reputed global consumer businesses facilitating the success, we believe that this partnership will support our talented team as they execute their expertise to meet the needs of our consumers and customers, enabling the company’s long -term development.”
Sketches founder Robert Greenberg (left) and son Michael Greenberg (right) in a sketchers display room. Photo by Carlos Chavez/Los Angeles Times via Getty Image
Skeches is one of many footwear companies that Signed a letter President Donald Trump asked one for last week Mutual tariffWhich are 145% for imports from China and 10% for all countries.
Connected: Duty-free silence on cheap goods from China closes on Friday. Here is how it will affect your wallet.
“As the head of American footwear businesses, manufacturers and retailers, we urge you that you exempt shoes from mutual tariffs,” the letter, which was signed by Nike, Adidas, Under Armor and Puma. It suggests that tariffs can cause “increase in adequate costs” and can run footwear inventory in America.
Skeches are third largest Footwear company in the US after Nike and Deckers, with a market capitalization $ 9.25 billion At the time of writing. Was a showmaker Established In 1992 and in 1999, the initial public offering of $ 11 per share became public.
Sketchers the most Recent income reportReleased last month, it shows that the sales reached a record-high $ 2.41 billion during the first quarter of the year ending 31 March, which was 7.1% year-on-year. Wholesale sales increased by 7.8% during the quarter.
The company said in the report that strong quarterly sales “strong global demand” is reflected. International sales outside the US contributed to 65% of the sketches business.
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Meanwhile, 3G Capital has made a name with it emphasis On the cost cut and restructuring since it was established in 2004. Zero-based budgetOr the authorities start from zero for every new quarter instead of starting with the expenses of the previous quarter.
3G Capital first agreed to buy majority stake for blinds and shutter maker Hunter Douglas NV $ 7.1 billion In 2021. Firm too Done The merger of 2015 between Craft Foods Group and HJ Hez Company with the help of Berkshire Hathway of Warren Buffett.
The shares of skeches were up More than 24% At the time of writing.
