8/12/2021, 5:43 PM (Source: TeleTrader)
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Chart for: ADIDAS AG NA O.N.

Adidas to sell Reebok to Authentic Brands for €2.1B

Adidas AG has agreed to sell its subsidiary Reebok to Authentic Brands Group LLC in a deal valued at approximately €2.1 billion ($2.46 billion), the company said on Thursday.

The sale, the majority of which will be paid in cash, is not expected to have a significant impact on the full-year view for the company, the statement explained.

The German sportswear manufacturer, that acquired Reebok in 2005 for approximately $3.8 billion, announced the move in the middle of February. The firm's shares rose after the announcement to end the trading session with a 2.13% jump.

Baha Breaking News (BBN) / BU