Sketchers goes private amid Trump’s tariff war

(CNN)– Skechers is getting out of the public market and going private amid President Trump’s trade war.

The footwear company announced on Monday, May 5, that investment firm 3G will pay more than $9 billion dollars for the brand.

That comes out to $63 dollars a share which is a 30% premium of the company’s stock.

Southern California-based Skechers is the world’s third largest shoe company.

In a letter to the president last week, Skechers, Nike, Adidas and others urged Trump to exempt its industry from tariffs.