Crocs has announced that it has reached an agreement to acquire the casual footwear company Heydude for $ 2.5 billion.
The company will pay $ 2.05 billion in cash and $ 450 million in shares to the company’s founder and CEO Alessandro Rosano.
“We believe that Heydude’s casual, comfortable and lightweight products are in line with long-term consumer trends and fit perfectly with Crocs,” Crocs CEO Andrew Rees said in a statement.
Heydude will continue to operate as an independent entity once the deal is completed and Rosano will serve as strategic advisor and creative director.
Crocs shares fell 2% in pre-conference trading.
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Source From: Capital
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