Robert Greenberg never ran Skechers like a typical public company. The longtime chief executive avoided quarterly earnings calls. He tapped his son as his No. 2 executive. Soon, he won’t have to worry about reporting financial results or securities filings.

Skechers has agreed to be taken private by 3G Capital for $9.42 billion in the footwear industry's biggest buyout to date, exiting public markets after 26 years as the popular shoe brand grapples with the impact of steep U.

Private equity firm 3G Capital reached a deal to buy Skechers and take the footwear company private. The deal is set to close in the third quarter.