New Delhi, May 5 -- Footwear brand Skechers on Monday said it had agreed to be acquired by investment firm 3G Capital in a $9.4 billion deal. The deal comes at a time when shoemaking companies are grappling with the new tariffs in the US imposed by President Donald Trump.

The board of Skechers unanimously approved the deal, the companies said in a statement on Monday.

Under the new deal, 3G Capital will take Skechers private. The investment company will acquire Skechers for $63 per share, the company said in a statement on Monday.

The deal is expected to close in the third quarter this year, after which Skechers will become a privately held company.

Under the terms of the definitive merger agreement, 3G Capital has agreed to pay $63.0...