Latham & Watkins, Paul Weiss, Kirkland & Ellis, and Sullivan & Cromwell advised on Skechers’ $9.4bn sale to 3G Capital
Latham & Watkins, Paul Weiss, Kirkland & Ellis, and Sullivan & Cromwell advised on Skechers’ $9.4bn sale to 3G Capital
Latham & Watkins advised Skechers USA on its $9.4bn sale to private equity firm 3G Capital, represented by Paul Weiss Rifkind Wharton & Garrison. The deal marks the footwear industry’s largest buyout to date, bringing an end to Skechers’ 26 years on the public markets as it grapples with the impact of US tariffs.
Kirkland & Ellis served as financing legal adviser to 3G Capital on the transaction. Sullivan & Cromwell represented Greenhill as exclusive financial adviser to Skechers.
The Latham & Watkins corporate deal team was led by Steven Stokdyk (Partner), Josh Dubofsky (Partner), and Andrew Clark (Partner), while Paul Weiss’s team was headed by Laura Turano (Partner), Dotun Obadina (Partner), and Scott Barshay (Partner), chair of the firm’s corporate department.
The Kirkland & Ellis team included Scott Rolnik (Partner) and Jay Ptashek (Partner) from debt finance, and Andrew Wright (Partner) and Nadia Murad (Partner) from investment funds.
The Sullivan & Cromwell team representing Greenhill included Melissa Sawyer (Global Head of M&A) and Lee Parnes (Partner).
3G Capital has offered $63 per Skechers share in cash, a 28% premium to the stock’s previous close. The deal includes an option for Skechers shareholders to instead receive $57 in cash per share and one unlisted equity unit in a newly formed, privately held company, which will be Skechers’ parent company post-deal.
The transaction is expected to close in the third quarter of 2025, financed by cash from 3G Capital and debt financing from JP Morgan Chase & Co.
Following the deal’s close, Skechers will continue to be led by Robert Greenberg (CEO) and Michael Greenberg (President), the father-son duo who founded the company in 1992.
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