Master P’s bid for Reebok was not the winner and now Adidas has sold the brand to Authentic Brands Group.
The German sportswear company came to an agreement with ABG for $2.5 billion. A majority of the sale will be paid in cash, Sole Collector reports.
“Reebok has been a valued part of Adidas, and we are grateful for the contributions the brand and the team behind it have made to our company. With this change in ownership, we believe the Reebok brand will be well-positioned for long-term success. As for Adidas, we will continue to focus our efforts on executing our ‘Own the Game’ strategy that will enable us to grow in an attractive industry, gain market share, and create sustainable value for all of our stakeholders,” said Kasper Rorsted, CEO of Adidas AG.
The transaction is to be completed in the first quarter of 2022.