Adidas bought Reebok for $3.8 billion in 2006, back when Reebok was riding high and had deals with the NBA and NFL. Now, Adidas is selling the slumping brand for up to $2.5 billion.
Adidas said Thursday that it had reached a deal with Authentic Brands Group to offload Reebok. The deal is expected to close in the first quarter of 2022, and Adidas will be paid the majority of the amount in cash then. Authentic Brands Group has scooped up bankrupt brands such as Brooks Brothers, Aéropostale, and Forever 21 in recent years and filed to go public last month. Adidas announced its intention in February to begin a formal process to divest Reebok following a review of the brand that it announced late last year.
