Adidas Sold The Troubled Reebok For $2.5 Billion!
Adidas has finalized its move to sell Reebok, which it launched at the beginning of 2020. The company agreed to sell Reebok for $2.5 billion as a result of negotiations with Authentic Brands Group. The sale transaction will be completed in the first quarter of 2022.
In a content we shared with you months ago, we talked about the sports giant Adidas' attempt to sell Reebok. The reason why Adidas took such a decision was that Reebok's business was getting worse. Now it's expected. Adidas has officially sold its sportswear brand Reebok, which it bought for $3.8 billion in 2005.
In the statements made on the subject, it was announced that the new owner of Reebok is Authentic Brands Group (ABG). The money that ABG paid Adidas to buy Reebok is $ 2.5 billion. Although Adidas seems to have made a loss on paper, the statements made by Adidas CEO Kasper Rorsed show that he is pleased that Reebok has been 'get rid of'.
The sale will be completed in 2022!
In the statements made about the official sale of Reebok by Adidas, it was stated that the sales transaction will be completed in the first quarter of 2022. The brand management company called ABG, which bought the company, is known for acquiring companies that went bankrupt before. For example, brands such as Aeropostale, Brooks Brothers and Forever 21 were previously acquired by ABG.
Adidas CEO Kasper Rorsed explained that he believes Reebok will be able to maintain its position in the market and will be in a much better position in the long run. Rorsed, who did not give much details on the subject, hoped that the agreement with Authentic Brands Group would bring happiness to the parties.