The 3G Capital Fund will acquire the footwear manufacturer Skechers USA Inc. for USD 9.4 billion, in which it marks a spectacular return to operations after almost four years.
The operation – which combines cash and debt – was part of a series of mergers and acquisitions for around USD 30,000 million announced on Monday, suggesting that investors are eager to reverse the strong deceleration that followed the president’s tariff announcements Donald Trump In April. The USD 5,000 million in JPMorgan Chase’s debt are also a sign that leverage financing markets are starting to open again.
The agreement also suggests opportunities for private capital in sectors affected by tariffs, such as footwear and other consumer goods, which have been affected by Trump’s commercial war.
Skechers’ shares rose up to 25% on Monday, reaching their greatest intradication in more than seven years. The action quoted at USD 61.44 at 2:24 in New York, which gives the company a market value of approximately USD 9.2 billion. The brand has just opened its first place in Argentina by Grupo Blanco, which already marketed the brand online and in chains such as Dexter, Open Sports and Sportline.
The 3G Investment Fund, based in New York, announced Monday in a statement that will pay USD 63 in cash for each Skechers action, which represents a 30% premium on the average price weighted by volume of the company’s shares in the last 15 days.
Before the agreement was announced, Skechers’s shares had fallen by 28% so far this year, because the footwear manufacturer was affected by a fall caused by tariffs throughout the sector. The operation has meant “huge pressure for companies,” he said Laurent VasilescuBNP Paribas Exane analyst, noting that Skechers, Carters and Columbia have retired their annual forecasts.
when Skechers withdrew its projection for the whole year in April, the company attributed it to the impact of tariffs on manufacturing centers such as Vietnam and China, where it produces an important part of its shoes. The company said it would have to raise prices and collaborate with suppliers to mitigate cost increase.
Stop trading in the stock market will help Skechers overcome Trump’s commercial war without the pressure of public markets. Skechers will continue to be directed by its executive director, Robert Greenbergbut not having to meet the information requirements of a company that is quoted in the stock market, you can take measures to protect the third world retail of sports shoes from tariffs without being under public scrutiny. Greenberg has shares for USD 1.1 billion.
The agreement “should allow the company to continue growing without the scrutiny of investors, especially in a context of growing macroeconomic uncertainty due to commercial tensions,” said Bloomberg Intelligence analyst Intelligence Abigail Gilmartin.
The transaction, which is expected to close in the third quarter, also has a custom structure. In addition to USD 63 per share, investors will also receive a cash payment from USD 57 per share and a non -transferable capital unit in the new Skechers parent company, according to the statement. 3G is expected to have 80% of the units in circulation when the transaction is closed.
“Skechers is an emblematic brand, directed by its founder, with a trajectory of creativity and innovation. We feel a great admiration for the business that this team has built and we hope to support the next stage of the company,” said 3g in the statement.
Skechers, founded by Greenberg in 1992, began selling lumberjack boots in California, before incorporating adult and children sports shoes. Since then, he has entered several sports categories, such as running, golf and football, and tends to focus on less striking sectors of the footwear market, with comfortable styles and lower prices than his rivals, such as Nike Inc. and Adidas Ag.
3G, the private capital company based in New York and Brazilian roots, is reputed to carry out few operations, but large, and manage long -term businesses. Founded in 2004, Burger King acquired in 2010 and subsequently merged with Tim Hortons.
Although 3G was founded by Brazilian billionaires Jorge Paulo Lemann, Marcel such y Carlos Sicupirais now directed by co -director partners Alex Behring y Daniel Schwartz. The original trio remains one of the main shareholders, together with the capital contributed by other external partners and investors. The son of Lemann, Marc, and Sicupira are also investors in the manufacturer of on holding sneakers Ag.
His investment in Burger King, now under the company Restaurant Brands International, has generated extraordinary profitability during the last 15 years. However, his acquisition of Heinz and Kraft together with Warren Buffett He failed to replicate success. 3G left Kraft Heinz a few years ago.
The acquisition of Skechers is the first important 3G operation since the late 2021, when it agreed to acquire 75% of the Hunter Douglas window coating company.
With Bloomberg information
Related news :