The majority of the price will be paid in cash at closing, with the rest coming as deferred and contingent consideration, the companies said Thursday in a statement. The deal is expected to close in the first quarter of 2022.Authentic Brands Chief Executive Officer Jamie Salter said in the statement that the deal is “an important milestone” in the company’s growth. “We are committed to preserving Reebok’s integrity, innovation and values — including its presence in bricks and mortar.
Adidas shares rose as much as 2.5% in Frankfurt trading after the announcement. They closed up 1.6% to 312 euros. Already this year, Authentic Brands has bought Eddie Bauer with Sparc Group, its joint venture with Simon Property Group. Authentic Brands, whose portfolio companies include Forever 21 and Sports Illustrated, also acquired a collection of brands from PVH Corp. that include Izod and Van Heusen.
Reebok has long fascinated industry players, both as a cautionary tale and for the tantalizing potential of recapturing some of its old success. Propelled by the aerobics boom, it became a giant seemingly overnight in the 1980s and even exceeded Nike for several years in terms of U.S. sneaker sales. That momentum quickly sputtered, however, and even Adidas never managed to reignite the brand.Adidas acquired Reebok for $3.8 billion in 2006.
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