Latham & Watkins Advises Skechers in Acquisition by 3G Capital

Skechers U.S.A., Inc. (NYSE: SKX), a Fortune 500 company and the third largest footwear company in the world, announced that it has agreed to be acquired by 3G Capital, a global investment firm built on an owner-operator approach to long-term investing. Under the terms of the definitive merger agreement, 3G Capital has agreed to pay US$63.00 per share in cash for all outstanding shares of Skechers, representing a premium of 30% to Skechers’ 15-day volume-weighted average stock price. The transaction includes the option for existing shareholders of Skechers to instead receive US$57.00 in cash and one unlisted, non-transferable equity unit in a newly formed, privately held company that, following the closing of the transaction, will be the parent company of Skechers. Upon completion of the transaction, the Company’s common stock will no longer be listed on the New York Stock Exchange, and Skechers will become a private company.

Latham & Watkins LLP represents Skechers in the transaction with a corporate deal team led by Century City partner Steven Stokdyk, Bay Area/New York partner Josh Dubofsky, and Century City partner Andrew Clark, with associates Stanley Onyeador, Taylor Ashton, Ariel Gershoig, Diana Chung, Joy Chen, and Shayna Servillas. Advice was also provided on M&A litigation matters by New York partner Blair Connelly, with associate Tina Jensen; on benefits and compensation matters by Bay Area partners Maj Vaseghi and James Robinson, with associate Jennifer Lin; on public company representation matters by associates Grace Garcea and Karysa Norris; on US antitrust matters by Washington, D.C. partners Mandy Reeves, Michael Egge, Patrick English, and Washington, D.C. counsel Francesca Pisano, with associate Charles McGrath; on ex-US antitrust matters by Brussels partner Héctor Armengod; on foreign direct investment matters by Brussels counsel Philipp Studt; on CFIUS matters by Washington, D.C. counsel Catherine Hein, with associate Christine Kalpin; on trade controls matters by Washington, D.C. partner Andrew Galdes, with associate Elliot Hecht; on finance matters by Los Angeles/New York partner Dennis Lamont; on tax matters by Century City/Los Angeles partner Pardis Zomorodi and Houston partner Christine Mainguy; on intellectual property and data privacy matters by Bay Area partner Michelle Gross, with associates Caroline Omotayo and Kiara Vaughn; on environmental matters by Los Angeles partner Aron Potash, with associate Matthew Green; and on real estate matters by San Diego counsel Achraf Farraj.