Authentic Brands Group to acquire Reebok

The German sportswear giant said in a statement that ABG would pay the majority in cash at closing of the transaction and the remainder comprised of deferred and contingent consideration. Adidas adding that it will share the majority of the cash proceeds with its shareholders.

Kasper Rorsted chief executive of Adidas AG 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.”