Crocs buys Italian shoe company Hey Dude for $ 2.5 billion

The footwear firm Crocs has reached an agreement to acquire the shoe brand for $ 2.5 billion in cash and shares Hey Dudereported the company, which expects to close the transaction in the first quarter of 2022.

Crocs It will pay out $ 2.05 billion in cash and pay another $ 450 million in newly issued shares to Alessandro Rosano, founder and CEO of Hey Dude.

After the acquisition is complete, Hey Dude will operate as an independent division and Alessandro Rosano will continue to lead the development of innovative products as strategic advisor and creative director, while Rick Blackshaw will serve as executive vice president and president of the brand.

“With the acquisition of Hey Dude, we are delighted to add another high-growth and highly profitable brand to our portfolio,” said Andrew Rees, CEO of Crocs.


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