Crocs acquires HEYDUDE for $2.5B ($2.05B cash + $450M stock)

Crocs, Inc.

Total consideration $2.5B: $2.05B cash plus 2,852,280 Crocs shares valued at $450M.
Financing: $2.0B term loan B facility and $500M backstop revolver from Citigroup.
Equity shares subject to 12-month lock-up; 50% released after 6 months.
Closing expected by June 30, 2022, subject to HSR waiting period and customary conditions.
$125M of cash consideration placed in escrow for 18 months to backstop indemnification.

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