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Sale of Reebok brings 2.1 billion euros to Adidas - O Jornal Economico

Sale of Reebok brings 2.1 billion euros to Adidas – O Jornal Economico

Adidas announced, last Thursday, the sale of Reebok to the American group Authentic Brands Group (ABG), for a total amount of 2.1 billion euros, in a process scheduled to end in the first quarter of 2022, according to “El Pais”.

Adidas has announced that it has reached a definitive agreement to sell Reebok to Authentic Brands Group for a total price of €2,100 million, most of which will be paid in cash when the deal closes and the rest, consisting of a deferred price. . And the variant,” he points to the statement of the German company, which “intends to share most of the money it receives from the operation with its shareholders.”

Adidas bought Reebok in 2006 for 3.1 billion euros with the intention of increasing size and competing with American rival Nike, but its poor performance prompted investors to urge Adidas to abandon the brand.

“Reebok has been an important part of adidas and we are grateful for the contributions that the brand and its team have made to our company,” said Casper Rorsted, CEO of Adidas, in the statement. According to Adidas, the sale of Reebok will have no impact on the financial outlook for this year or the financial goals of its 2025 strategy.

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