Skechers Is Officially a Private Company After $9 Billion Deal With 3G Capital Closes

Skechers USA Inc. is now a private company.

On Friday, the Fortune 500 company and the third largest footwear company in the world announced the completion of the go-private acquisition by 3G Capital.

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In May, Skechers announced a $9 billion go-private deal with Brazilian private equity firm 3G Capital — the biggest shoe buyout in history.

The deal structure has one election at $63 a share and the other at $57 a share in cash and one unlisted, nontransferable equity unit in a newly formed entity that will become the parent of Skechers upon the closing of the transaction.

The blockbuster move is a reflection of the business prowess of Robert and Michael Greenberg, the father-son duo who has taken the company from family start-up to global powerhouse during the past three decades.

As a result of the completion of the transaction, Skechers’ shares are no longer trading on the NYSE with the ticker symbol “SKX” as of Friday.

The company will continue to be led by its executive management team, including chief executive officer Robert Greenberg and president Michael Greenberg.

On Aug. 28, the transaction, first disclosed on May 5, received the clearance to proceed with the closing following all regulatory approvals required to complete the deal were marked complete.

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.

Last month, the shoe firm reported net sales in the second quarter of fiscal 2025 of $2.44 billion, a 13.1 percent increase from $2.16 billion the same time last year. These results beat analyst expectations, which called for net sales between $2.3 billion and $2.38 billion in the second quarter, according to Yahoo Finance.

Skechers noted that the second quarter’s net sales include a favorable impact due to foreign currency exchange rates of $33.9 million. The company also said that its wholesale sales grew 15 percent in the second quarter, while its direct-to-consumer sales increased 11 percent in the period.

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