Reebok has long fascinated industry players, both as a cautionary tale and for the tantalizing potential of recapturing some of its old success. (Photo: Bloomberg)
Adidas AG agreed to sell its underperforming Reebok business to Authentic Brands Group Inc. for up to 2.1 billion euros ($2.5 billion), adding another well-known name to the buyer’s growing lineup of consumer companies.
The majority of the price will be paid in cash at closing, with the rest coming as deferred and contingent consideration, the companies said Thursday in a statement. The deal is expected to close in the first quarter of 2022.
Authentic Brands Chief Executive Officer Jamie Salter said in the statement that the deal is “an important milestone” in the company’s growth. “We are committed to preserving Reebok’s integrity, innovation and values -- including its presence in bricks and mortar.”
First Published: Aug 13 2021 | 10:53 PM IST