Crocs said on Thursday that it will acquire privately-owned footwear label Hey Dude for $2.5 billion.
Of this, it will pay $2.05 billion in cash, while the remaining $450 million will be issued as Crocs shares to Hey Dude Founder and CEO Alessandro Rosano.
Crocs CEO Andrew Rees said that the acquisition of the Italian-origin company will be "highly profitable".