Adidas Sells Reebok to Authentic Brands in $2.5 Billion Deal (2)

Adidas AG agreed to sell its underperforming Reebok business to Authentic Brands Group Inc. for up to 2.1 billion euros ($2.5 billion), adding another well-known name to the buyer’s growing lineup of consumer companies.

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 ...