HERZOGENAURACH – Sportswear giant Adidas has entered into a definitive agreement which will see it sell the Reebok brand to Authentic Brands Group (ABG).
The transaction is set to cost upwards of €2.1 billion (US$2.5m), the majority of which will be paid up front, while the remainder is comprised of deferred and contingent considerations.
“Reebok has been a valued part of Adidas, and we are grateful for the contributions the brand and the team behind it have made to the company,” said Kasper Rorsted, Adidas’s CEO. “With this change in ownership, we believe the Reebok brand will be well-positioned for long-term success.”
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