Skechers is being acquired for $9 billion and taken private by the investment firm by 3G Capital.

The board of Skechers unanimously approved the deal, the companies said Monday.

The offer of $63 per share represents a premium of 30% to Skechers’ 15-day volume-weighted average stock price, the companies said.

Following completion of the transaction, the company will continue to be led by Skechers Chairman and CEO Robert Greenberg and his management team.

The company headquarters will also remain in Manhattan Beach, California where it was founded more than three decades ago.

The deal is expected to close in the third quarter this year.