Steven Madden, Ltd. (Nasdaq: SHOO) has entered into a definitive agreement to acquire Kurt Geiger, a luxury footwear and accessories brand, in a deal valued at approximately £289 million. The acquisition will be conducted through Steve Madden’s subsidiary, SML UK Holding Ltd., which will purchase all issued shares of Mercury Acquisitions Topco Limited, the parent company of Kurt Geiger.

Under the terms of the agreement, Steve Madden will pay a base purchase price of £202 million, subject to adjustments based on a "locked box" mechanism. The final price will be adjusted daily at a rate of £42,200 from February 3, 2024, until closing. Additionally, the company will repay certain third-party debts and redeem outstanding loan notes of Kurt Geiger's subsidiaries.

The acquisition is subject to regulatory approvals, including antitrust clearance under the Hart-Scott-Rodino Act, and other customary closing conditions. The deal is expected to close by December 5, 2025, if all conditions are met.

To finance the transaction, Steve Madden has secured a $550 million debt commitment from Citizens Bank, JPMorgan Chase, and Citibank, consisting of a $300 million term loan and a $250 million revolving credit facility.

Steve Madden sees the acquisition as a strategic expansion into the high-end fashion market, leveraging Kurt Geiger’s brand strength in luxury footwear and accessories.