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adidas has entered into a definitive agreement to sell Reebok to Authentic Brands Group (ABG) for $2.5 billion.

“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 belive the Reebok brand will be well-positioned for long-term success. As for adidas, we will continue to focus our efforts on 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.

Jamie Salter, Founder, Chairman, and CEO of ABG commented, “It’s an honor to be entrusted with carrying Reebok’s legacy forward. This is an important milestone for ABG, and we committed to preserving Reebok’s integrity, innovation, and values – including its presence in bricks and mortar. We look forward to working closely with the Reebok team to build on the brand’s success.”

adidas acquired Reebok in 2006. At the time, the acquisition included Rockport, CCM Hockey, and Greg Norman brands.

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