3G Capital to buy shoe brand Skechers in $9bn deal

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US-Brazilian investment group 3G Capital has agreed to acquire US footwear company Skechers for about $9.4bn in cash.

The New York-based firm, best known for teaming up with Warren Buffett to merge Kraft and Heinz, is returning to major dealmaking after a long search for the right target.

Under the terms of the agreement, Skechers shareholders will have the option to be bought out at $63 per share, representing a nearly 30 per cent premium to Friday’s closing price. Alternatively, shareholders can receive $57 in cash plus a holding in a newly private parent company that will control the footwear group.

This is a developing story