U.S. footwear maker K-Swiss Inc said it has agreed to be acquired by South Korean retailer E-Land World Ltd for $4.75 per share in cash in a deal valued at about $170 million.

The offer price is a 49 percent premium to K-Swiss' closing stock price of $3.19 Wednesday on the Nasdaq.

The deal requires the approval of 80 percent of K-Swiss' outstanding voting power. Certain Class A and Class B stockholders, who collectively hold about 75 percent of the voting power, have executed agreements to vote in favor of and support the transaction, K-Swiss said.

E-Land will use existing resources and credit facilities to fund the acquisition and will not need additional external financing for this transaction, according to a company statement.

E-Land, a privately-owned retailing group, has added outlets, leisure holdings and upmarket brands such as bags and wallet maker Mandarina Duck in a series of acquisitions since 2009.

Last year, it joined a consortium that bid for, but failed to acquire, the U.S. Major League Los Angeles Dodgers baseball franchise.