New Delhi, Jul 2 (PTI) Investment firm 3G Capital and Singapore's sovereign wealth fund GIC have sought approval from the Competition Commission of India (CCI) to acquire footwear and apparel company Skechers.

"The proposed transaction is an indirect acquisition of all the outstanding shares and sole control of the Target by affiliates of investment funds managed by 3G Capital partners LP (3G Capital), ie, the acquirers (Beach Acquisition Co Parent, LLC and Beach Acquisition Merger Sub, Inc)," a notice submitted with the CCI on June 26 stated.

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GIC has also sought clearance from the competition watchdog to invest capital, to be utilised to partly finance the proposed transaction.

After the completion of the transaction, GIC Investment will be entitled to certain rights in Skechers.

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The parties said the proposed transaction meets the thresholds specified under section 5(a)(i)(A) of the Competition Act, 2002 and is being notified pursuant to the agreement and plan of merger on May 4, 2025 executed by and between the acquirers and target.

They (parties) stated that the relevant market definition may be left open for the purposes of the proposed transaction by 3G Capital and GIC Investment will not not likely to cause any appreciable adverse effect on competition in India.

In May this year, Skechers USA, Inc -- the third largest footwear company in the world -- announced that it has agreed to be acquired by 3G Capital for about USD 9.4 billion and taken private by the investment firm.

The deal is expected to close in the third quarter this year.

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.

US-based Skechers designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children in 180 countries, including India.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)