Wolverine Worldwide, Golden Gate Capital and Blum Capital have completed the acquisition of US footwear company Collective Brands.

The deal, valued at US$2bn, will see Wolverine Worldwide acquire Collective Brands' Performance + Lifestyle Group, which includes the wholesale and retail operations of the Sperry Top-Sider, Sacuony, Stride Rite and Keds brands.

Golden Gate Capital and Blum Capital now jointly own the operations of Payless ShoeSource and Collective Licensing International, which will together operate as a standalone entity called Payless Holdings.

Effective today, Collective Brands' common stock will no longer be listed or traded on the stock exchange.