Editor's note: Authentic Brands Group is the parent company of Sports Illustrated.
Authentic Brands Group has agreed to purchased Reebok from adidas for a total consideration of up to $2.4 billion, the companies announced Thursday.
The majority of the deal will be paid in cash at closing and the transaction is expected to occur in the first quarter of 2022.
“It’s an honor to be entrusted with carrying Reebok’s legacy forward," Jamie Salter, founder, chairman and CEO of ABG said in an official release. "This is an important milestone for ABG, and we are committed to preserving Reebok’s integrity, innovation, and values - including its presence in bricks and mortar. We look forward to working closely with the Reebok team to build on the brand’s success.”
According to the release, adidas bought Reebok in 2006 in an acquisition that also included the Rockport, CCM Hockey and Greg Norman brands.
“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 ownership, we believe the Reebok brand will be well-positioned for long-term success," Kasper Rorsted, CEO of adidas AG said in a statement.
Reebok is regarded for "creating the first spiked running shoe, the first athletic shoe designed specifically for women and for its breakthrough THE PUMP™ technology."
Celtics rookie Dee Brown donned the iconic Reebok Pump in the 1991 Slam Dunk contest.
"It’s special that 30 years later we can still talk about this and people are still excited and interested in the shoe," Brown told Sports Illustrated last March.
