German sports equipment manufacturer Adidas agrees to sell its American subsidiary Reebok to the American Authentic Brands Group. With the announcement of the deal, worth 2.1 billion euros, Adidas puts an end to months of speculation about possible buyers.
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Authentic Brands Group owns brands such as Forever 21, Barney’s New York and Nine West and also owns the sports magazine Sports Illustrated.
The amount of 2.1 billion euros will largely be paid in cash, Adidas said in a press release on Thursday. The deal should be completed in the first quarter of 2022.
Adidas bought Reebok in 2006 for more than 3 billion euros, but the subsidiary is now worth much less. The brand has been underperforming for years and was never able to live up to expectations. Adidas announced in February that it wanted to sell Reebok. Other names circulating as potential buyers were US group VF Corp (owner of The North Face and Timberland) and China’s Anta Sports.
The share of Adidas rose 2.5 percent on the Frankfurt stock exchange after the announcement of the news, to 314.7 euros.
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