German sportswear, footwear and accessories manufacturer adidas will sell its loss-making US subsidiary Reebok to the US company Authentic Brands Group for € 2.1 billion, adidas said.
The transaction is expected to be completed in the first quarter of next year.
Adidas announced its intention to sell Reebok in February.
Adidas acquired Reebok in 2006 for 3.1 billion euros.
The Authentic Brands Group owns the clothing store chains JCPenney, Forever21 and Brooks Brothers, as well as the sports magazine Sports Illustrated.
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