Crocs to buy Heydude for $2.5 billion

Crocs to buy Heydude for $2.5 billion

Crocs Inc. agreed to buy casual-shoe brand Heydude for $2.5 billion, bolstering its fast-growing business of offbeat footwear.

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The transaction is being funded by $2.05 billion in cash and $450 million in Crocs shares issued to Heydude founder Alessandro Rosano, according to a statement Thursday. Crocs said it expects the deal to add to its sales growth and earnings, while the combined operations will generate significant free cash flow.

The agreement underscores the rapid expansion of Crocs business as it's once-derided foam clogs catch on with a hip Gen Z crowd. Crocs expects to see revenue growth of as much as 65% this year. Heydude, which will operate as a stand-alone division, makes lightweight, casual shoes and sandals for men, women and children.

Crocs shares fell by 3.5% as of 7: 17 a.m. before regular trading in New York. The stock was up 123% this year through Wednesday s close.

The deal for closely held Heydude is expected to close in the first quarter. Crocs expects to fund the cash component with a $2 billion term loan B facility and borrow $50 million under its existing senior revolving credit facility.

Citi is a financial adviser to Crocs while Perkins Coie LLP and Bird Bird provide legal counsel. LVC Asia Pacific Ltd. is Heydude's financial adviser, with Chiomenti, Deacons, Cozen O Connor, Sullivan Cromwell and Croon Law Group LLC serving as legal counsel.

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