// Adidas has sold the Reebok brand to Authentic Brand Group
// The transaction is expected to be completed in the first quarter of next year
Authentic Brands Group has agreed to acquire the Reebok active and footwear brand from Adidas for a total consideration of up to £1.78 billion.
The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions.
Adidas first bought Reebok for a reported sum of £2.75 billion in 2006 in an acquisition that also included the Rockport, CCM Hockey and Greg Norman brands.
However, Adidas announced earlier this year that it had decided to sell the company as part of plans to focus on the Adidas brand.
The German sportswear brand said the majority of the cash proceeds from the transaction will be given to its shareholders.
Adidas chief executive Kasper Rorsted said: “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 our company,”
“With this change in ownership, we believe the Reebok brand will be well-positioned for long-term success.
“As for Adidas, we will continue to focus our efforts on executing our “Own the Game” strategy that will enable us to grow in an attractive industry, gain market share, and create sustainable value for all of our stakeholders.”