The German manufacturer of clothing and sports equipment Adidas has reached a “definitive agreement” to sell the Reebok brand to the American group Authentic Brands (ABG) for up to 2,100 million euros, as reported on Thursday by the multinational of the three bands.
In this sense, Adidas has indicated that most of the 2,100 million euros will be paid in cash at the closing of the transaction, which could take place in the first quarter of 2022, and the rest based on a series of considerations and contingencies.
Likewise, the German company, which had begun to divest from Reebok, announced that it intends to distribute the majority of the amount in cash received among its shareholders after the closing of the transaction.
“We believe the Reebok brand will be well positioned for long-term success,” said Kasper Rorsted, CEO of Adidas, which acquired Reebok in 2006, including brands such as Rockport, CCM Hockey and Greg Norman, which it later sold for a total of 400 million euros.
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