German sports equipment manufacturer Adidas announced on Thursday that it had reached an agreement to sell its problem subsidiary Reebok for 2.1 billion euros to the American company Authentic Brands Group.
The sum will be paid largely in cash and the transaction should be completed in the first quarter of 2022, after the approval of the competent authorities, the German group said in a statement.
Refocus on the Adidas brand?
This sale is not a surprise. Last February, Adidas had already announced that it was going to sell Reebok, in financial difficulties. The group “has decided to launch the formal process for the sale of Reebok”, acquired in 2006 for 3.1 billion euros, and “will focus in the future on strengthening the Adidas brand as a leader of the world sports market, ”he explained in a press release.
»More information to come
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