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Adidas strikes deal to sell Reebok to Authentic Brands Group

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German multinational footwear company brand Reebok store is seen in Hong Kong.

Budrul Chukrut | LightRocket | Getty Images

Adidas said Thursday that it has struck a deal to sell struggling sneaker and sportswear brand Reebok to Authentic Brands Group for up to 2.1 billion euros, or roughly $2.5 billion.

With the sale, Reebok will become part of a retail conglomerate that has snapped up many bankrupt brands such as Brooks Brothers, Aeropostale and Forever 21. Authentic Brands is preparing for an initial public offering that could come as soon as this summer.

Reebok’s acquisition is expected to close in the first quarter of 2022, Adidas said in a news release. Adidas said the majority of the…



Source cnbc.com

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