Skechers opens new tab 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.

Skechers shares jumped 25% to $61.86 on the news, regaining some ground after dropping nearly 30% this year as the company withdrew its annual results forecast in April and warned of the fallout from President Donald Trump's 145% import tariff on Chinese goods.