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Adidas AG said it has agreed to sell Reebok to Authentic Brands Group for up to 2.1 billion euros, the equivalent of $2.47 billion, putting an end to months of speculation over potential buyers for the athletic brand.

The sale to the brand-management company is expected to go ahead in the first quarter of next year, Adidas said Thursday.

The German sporting-goods company said the majority of the transaction will be paid in cash upfront, with the remainder made up of deferred and contingent fees. The price is significantly higher than had been estimated by many media observers and analysts.

Adidas had said it was exploring the sale of Reebok, which it bought in 2006 for around $3.8 billion. The deal with Authentic Brands, which is subject to customary conditions, has no impact on Adidas’s existing guidance for the full year, the company said.

 

This story has been published from a wire agency feed without modifications to the text

 

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