Adidas Agrees to Sell Reebok to ABG for Up to $2.5 Billion
13 August 2021 - 01:59AM
Dow Jones News
By Joshua Kirby
Adidas AG is to sell Reebok to Authentic Brands Group for up to
2.1 billion euro ($2.47 billion), the German sporting-goods company
said Thursday, putting an end to months of speculation over
potential buyers for the brand.
The sale to the New York-listed brand-management company is
expected to go ahead in the first quarter of next year, Adidas
said. The majority of the transaction will be paid in cash upfront,
with the remainder is made up of deferred and contingent fees. The
price is significantly higher than had been estimated by many media
observers and analysts.
Adidas said earlier this year that it would sell Reebok, which
it bought in 2006 for around $3.8 billion. The sale, which is
subject to customary conditions, has no impact on Adidas's existing
guidance for the full year, the company said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
August 12, 2021 11:46 ET (15:46 GMT)
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