German sporting goods manufacturer Adidas formally completed the sale of the US brand reebok to the American company Authentic Brands Group (ABG) for 2,100 million euros.
Adidas said in a statement that it would continue to operate the Reebok business in various markets on behalf of ABG during a transition period until early 2023.
Likewise, it indicated that it will repurchase its own shares worth up to 1,500 million euros from mid-March and until the end of the third quarter.
This repurchase of shares is added to another of up to 4,000 million euros that is currently undertaken until 2025.
It should be noted that Adidas bought Reebok for $3.8 billion in 2006 to compete with arch-rival Nike, but its slow performance prompted repeated calls from investors to sell the brand.
With information from EFE
