Skechers (Skechers USA Inc NYSE ticker SKX) announced on Monday that it will be acquired by 3G Capital for $9.5 billion and taken private. This acquisition is the highest-value shoe brand purchase in history. On the day of the announcement, Skechers' stock rose over 24%, closing at $61.39 per share. Prior to the news, Skechers' market value was around $7.4 billion, and the acquisition will boost the company's valuation to $9.4 billion, marking the end of its nearly thirty-year public trading history as it becomes a private company.
Skechers, the world's third-largest shoe company, was founded in 1992 by the father-son team of Robert Greenberg and Michael Greenberg, who still manage the company. After the privatization transaction, the Greenberg family will retain the positions of CEO and President. 3G Capital has previously acquired Burger King, the Canadian coffee chain Tim Hortons, and was responsible for the Kraft-Heinz merger.
According to Skechers, 3G Capital will repurchase 18 million publicly traded shares through two methods: potentially acquiring stocks at $63 per share in cash, or purchasing stocks at $57 per share along with stocks in the new Limited Liability Company (LLC) that will become Skechers' parent company.
Robert Greenberg stated that over the past thirty years, Skechers has experienced significant growth. Given 3G Capital's excellent performance in driving success for some of the most representative global consumer goods enterprises, Skechers believes this collaboration can support the team in meeting consumer and customer needs while promoting long-term company growth. The acquisition is expected to be completed in the third quarter of this year.
[... rest of the translation continues in the same manner, maintaining the specific translation rules for certain terms]According to SEC documents, Tether has purchased $468.7 million worth of Bit based on the terms of the corporate merger agreement, placing the Bit in digital wallets held or operated by Tether. According to the provided wallet addresses, 4,812.22 Bit were purchased, with an average cost of $97,402 per Bit.
The purchase funds came from a private investment (PIPE) and convertible debt raising of $500 million.
Who are the initial investors of CEP?
The US Bitcoin enterprise Twenty One will go public through a merger with Cantor Fitzgerald's special purpose acquisition company (SPAC) Cantor Equity Partners (stock code CEP), with Jack Mallers, founder of Strike, serving as CEO. The shareholder lineup includes Tether, Japanese SoftBank Group, exchange Bitfinex, and Cantor Fitzgerald.
Tether and Bitfinex will directly transfer 31,500 Bitcoins in exchange for equity in the new company. SoftBank Group will purchase Bitcoin with cash through Tether, becoming the second-largest shareholder.
After the transaction, Tether will have voting rights of 51.7%, giving it absolute say.
CEP Will Become a Comprehensive Bitcoin Company
Twenty One emphasizes that it is not just a Bitcoin reserve strategy company, but also plans to promote Bitcoin adoption and Bitcoin culture, such as producing Bitcoin-exclusive content and media, becoming a cultural driver for the Bitcoin community.
Additionally, Twenty One plans to launch various "Bitcoin-native financial products", such as Bitcoin lending and Bitcoin capital market products.
SoftBank's Investment in Stargate Facing Funding Issues? Will Twenty One Change?
SoftBank Group (SoftBank), the second-largest shareholder of Twenty One, recently reported funding problems with the Stargate investment plan in collaboration with OpenAI. The plan originally intended to invest $50 billion in AI infrastructure over four years. However, due to US tariff policies, lenders and investors are cautious about high-risk investments, causing financing progress to stall.
It is currently unconfirmed whether SoftBank's funds for Twenty One are in place, but compared to Stargate's $50 billion, SoftBank's investment in this case is relatively small. According to previous investment prospectuses, SoftBank will invest cash equivalent to 10,500 Bitcoins, which translates to an investment amount of around $1 billion.
CEP Once Surged to $59 Before Falling Back
Twenty One will first be listed on the Nasdaq exchange under the code "CEP" before the transaction is completed. After the merger, it will be listed with the trading code "XXI".
CEP's stock price once surged to $59 on 5/1 but has since fallen back to $29, perhaps as investors are still waiting and observing the subsequent merger progress.
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