Crocs shares are up more than 13% pre-market.
This comes after the troubled footwear maker announced private equity giant Blackstone had plunked down $US200 million to take a 13% stake in the company.
The investment will allow Crocs to finance a $US350 million stock repurchase program that will reduce tradeable shares by 30%.
“We expect these initiatives to reduce volatility in both our common stock price and our shareholder base and provide a strong foundation to unlock long-term value for our shareholders,” said Crocs chief financial officer Jeff Lasher.
Shares closed at $US13.33 Friday.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.