Adidas sells Reebok to Authentic Brands in $2.5 billion deal
Reebok logo | Courtesy: Reebok twitter
Adidas said on Thursday that it has reached an agreement to sell Reebok, a struggling shoe and sportswear brand, to Authentic Brands Group for up to 2.1 billion euros ($2.5 billion).
The businesses said in a statement on Thursday that the majority of the price will be paid in cash at closing, with the remainder arriving as delayed and contingent compensation.
In the first quarter of 2022, the acquisition is scheduled to conclude.
Reebok will join a retail behemoth that has purchased numerous insolvent brands, including Brooks Brothers, Aeropostale, and Forever 21.
Authentic Brands is gearing up for an IPO, which may happen as early as this summer.
Adidas purchased Reebok for $3.8 billion in 2006 to better fight with arch-rival Nike, but the company's slow performance led repeated requests from investors to sell the brand, which is centred on the United States and Canada.
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Meanwhile, Adidas' own brand has managed to eat into Nike's supremacy in the United States, aided by collaborations with superstars such as Kanye West, Beyonce, and Pharrell Williams.
Reebok will keep its headquarters in Boston and continue operations in North and Latin America, Asia-Pacific, Europe and Russia, the U.S. brand management firm said in a statement, adding it will work closely with Adidas during the transition.
Over 11 years, ABG has amassed more than 30 labels sold in some 6,000 stores. Its brands include apparel chains Aéropostale and Forever21, as well as and Sports Illustrated magazine.
(With inputs from agencies)