M&A · Industrials · Footwear, (No Rubber)
3G Capital to acquire Skechers USA Inc
Announced May 5, 2025 · Closed Sep 12, 2025
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$63.00 per share
Transaction
- Acquirer
- 3G Capital
- Target
- Skechers USA Inc (SKX)
- Buyer type
- Private equity
- Offer price per share
- $63.00
- Enterprise value
- —
- Status
- Closed Sep 12, 2025
Deal protections
- Break fee (target pays)
- $340M
- Reverse fee (buyer pays)
- $534M
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan
Advisors
- To the acquirer
- JPMorgan
- To the target
- Greenhill
- Greenhill fee
- $19.5M
Sector context · Industrials
- Comparable deals
- 85 in the prior 24 months
- Premium
- Sector median 38.0%
- EV / Adj. EBITDA
- Sector median 9.1x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedMay 5, 2025
- Proxy filedAug 5, 2025
- Definitive proxyAug 5, 2025
- Shareholder vote—
- ClosedSep 12, 2025
Valuation · fairness opinions
Trading comparables$42.42$53.42
Trading comparables$48.53$61.12
Discounted cash flow$51.60$68.20
Discounted cash flow$56.22$77.43
Discounted cash flow$48.81$67.24
Offer $63.00
Implied value per Skechers USA Inc share by analysis, from Greenhill · DCF discount rate 11%–12%.