Adidas (ADDYY) has reached an agreement to sell Reebok to Authentic Brands for nearly $2.5 billion, in a majority cash deal. The German sports retailer bought Reebok in 2006 for $3.8 billion to help compete against Nike (NKE). However, after 15 years of lower-than-expected sales, its ready to part ways with the American brand. “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… Source link
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