Skechers agreed to become a privately held company through a $9.42 billion deal with 3G Capital. The footwear company said Monday 3G plans to pay $63 a share in cash for all of Skechers’s outstanding shares.

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.S. tariffs. Julian Satterthwaite reports.

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.