Skechers Secures Final Approvals for $9B Merger With 3G Capital

Skechers U.S.A. and 3G Capital Partners L.P. are officially moving forward with their $9 billion merger deal, one of the largest and most closely watched acquisitions in the global footwear industry. The transaction, first announced on May 5, 2025, has now secured clearance from all regulatory authorities, marking a decisive step toward closing on September 12, 2025.

In their joint statement released Thursday, the parties noted that “all regulatory approvals required to complete” the deal had been obtained, paving the way for Skechers to transition from its status as a publicly traded company into private ownership under 3G Capital.

This deal represents not just a milestone for Skechers but also for the broader retail and fashion sector, given its record-breaking valuation and the legacy of Skechers’ dramatic rise in the footwear business.

Shareholder Options and Deal Mechanics

For Skechers shareholders, the path forward is time-sensitive. Stockholders of record as of July 29, 2025, must make their merger election by 5:00 p.m. Eastern Time on September 5, 2025.

Under the terms of the agreement, 3G Capital is offering $63 per share. Investors are presented with two options:

• Elect to receive $63 per Skechers share in cash, or

• Opt for $57 in cash plus one unlisted, non-transferable equity unit in a newly formed holding entity that will serve as Skechers’ ultimate parent post-merger.

These equity units will not be publicly traded, and for some investors, they represent a long-term bet on Skechers’ future performance under private ownership.

When the merger is completed, all current Skechers shares will be cancelled and delisted from the New York Stock Exchange (NYSE), marking the end of Skechers’ decades-long presence on Wall Street.

Navigating Legal and Regulatory Hurdles

The road to final approval was not without challenges. In July, a Skechers investor attempted to block the deal, arguing that stockholders lacked adequate disclosure regarding the terms of the merger election, particularly concerning the new equity units.

That case, however, was dismissed by a California federal district court judge in Los Angeles, clearing one of the last major hurdles. The ruling opened the door for the deal to close as soon as the required consents from the Securities and Exchange Commission (SEC) were obtained. With SEC approval now secured, the merger is finally on track.

It had already received antitrust clearance in June 2025, reinforcing regulatory comfort with Skechers’ continued position in the competitive footwear landscape.

Skechers’ Rise Under the Greenberg Family

The $9 billion valuation attached to this merger underscores the remarkable trajectory of Skechers, led by the father-son duo Robert and Michael Greenberg. Launched in the early 1990s as a challenger in the athletic footwear space, Skechers grew into a global powerhouse over three decades by maintaining a strategic focus on value-driven casual and performance shoes aimed at wide-ranging consumer demographics.

From lifestyle sneakers to performance running shoes, Skechers cultivated brand loyalty through affordability, comfort, and diverse design offerings. Today, Skechers operates in more than 180 countries worldwide, ranking among the largest footwear brands globally.

The Greenbergs’ leadership has been central to that growth, and importantly, both Robert and Michael Greenberg will remain with Skechers following the transaction, as will key senior management. Continuity at the top signals to investors and analysts that Skechers’ direction will remain consistent even as ownership dynamics shift. The company will also continue to be headquartered in its hometown of Manhattan Beach, California.

3G Capital’s Footprint and Playbook

Founded in 2004, Brazilian private equity powerhouse 3G Capital is known for its bold acquisitions and transformative operational strategies. Its founders , Jorge Paulo Lemann, Carlos Alberto Sicupira, and Marcel Herrmann Telles — have long been recognized as some of the most influential figures in global private equity.

The firm’s portfolio includes some of the world’s most recognized consumer powerhouses, including Kraft Heinz, Burger King, Tim Hortons, and Hunter Douglas. Its hallmark strategy focuses on margin improvement through aggressive cost-cutting and efficiency measures, typically followed by growth-oriented brand revitalization.

While the immediate future sees Skechers going private, analysts suggest the move won’t last indefinitely. John Kernan, retail analyst at TD Cowen, has predicted Skechers may eventually return to public markets: “Skechers will likely become public again in the distant future,” Kernan noted when the merger was first unveiled.

Strong Financial Momentum

Skechers’ recent earnings underline the growth trajectory that attracted 3G Capital. In its final quarterly report as a public company, released on August 8, 2025, Skechers announced:

• A 21.5% increase in net income to $170.5 million, or $1.13 per diluted share, compared with $140.3 million, or $0.91 per diluted share, in the prior-year quarter.

• A 13.1% increase in net sales to $2.44 billion, up from $2.16 billion in the same quarter the previous year.

This financial resilience highlights Skechers’ ability to thrive in a challenging retail environment dominated by rivals such as Nike, Adidas, and Puma.

Looking Forward: A New Era for Skechers

As the September 12 closing date approaches, the Skechers–3G Capital merger stands as a defining moment in the history of the footwear industry. The deal signals confidence in Skechers’ long-term brand equity, operational strength, and global potential.

For customers, the Skechers brand will remain unchanged in the near term, with stores, product lines, and marketing continuing uninterrupted. But behind the scenes, a new era will begin as 3G Capital seeks to maximize Skechers’ profitability and expand its global influence.