Washington - Crocs, Inc. (CROX) has entered into a definitive agreement to acquire Heydude, a casual footwear brand, for 2.5 billion dollars. Upon completion, Heydude will operate as a standalone division. The purchase price will be funded by 2.05 billion dollars in cash and 450 million dollars in Crocs shares issued to Rosano, Heydude founder. Alessandro Rosano will continue to lead the product development as Strategic Advisor and Creative Director.
Rick Blackshaw was hired to join Heydude as Executive Vice President and Brand President. Blackshaw most recently served as the CEO at CCM Hockey. Blackshaw will be a member of the Crocs Executive Leadership Team. (DPA)