Crocs closes on $2.5B Heydude acquisition

BROOMFIELD — Crocs Inc. (Nasdaq: CROX) has finalized its deal to acquire casual footwear brand Heydude for $2.5 billion, the Broomfield clog giant’s largest acquisition to date. 

Now that the cash-and-stock acquisition is complete, Crocs expects Heydude to add $700 million to $750 million in annual revenues to the company’s balance sheet. 

As part of the deal, Crocs closed on a new $2-billion term loan with CitiBank NA. In addition, the company increased its commitments under its senior revolving credit facility by $100 million to a total of $600 million and drew $50 million to fund the balance of the cash consideration for the acquisition, according to a disclosure filed this week with the U.S. Securities and Exchange Commission.