The sporting goods manufacturer Adidas ends the Reebok chapter

The sporting goods manufacturer Adidas ends the Reebok chapter. The Dax group sells the company to the US company Authentic Brands. For the US subsidiary, Herzogenaurach says he will get up to 2.1 billion euros. The price is significantly higher than the value that Reebok is still on Adidas' balance sheet. However, part of that depends on Reebok's success in the future and will be paid later. "We have always valued Reebok," said Adidas boss Kasper Rorsted. He officially put the fitness brand up for sale in February after never meeting Adidas' expectations. A prominent athlete joins Reebok with Authentic Brands (ABG): former basketball star Shaquille O'Neal, who was considered one of the best players in the NBA professional league. "As a long-term partner of Reebok and shareholder of ABG, a dream comes true for me that this legendary brand is now part of the family," the new owner quoted him as saying. O'Neal had expressed interest in buying Reebok early on, but was never taken seriously. ABG was founded in 2010 by brand manager Jamie Salter, who has bought a portfolio of over 30 brands, primarily from the fashion, sports and entertainment industries, and is now aiming for the New York Stock Exchange. "It is an honor to be entrusted with continuing the Reebok legacy," said Salter. ABG does not produce itself, but only issues licenses. The price is surprisingly high - but how much of it will ultimately reach Adidas is uncertain. The Reebok brand was most recently on the books with 757 million euros. The spin-off of the brand, which is closely integrated into its own production and marketing network, will cost Adidas around 200 million euros this year. After the transaction is completed in early 2022, Authentic Brand will also take over part of the inventory. A portion of the sales proceeds will also depend on Reebok's success under the new owner. Adidas will at least end the engagement without a book loss, said a spokeswoman. The Franconian group intends to distribute the part of the proceeds that Adidas receives in cash in advance - a large part of the 2.1 billion euros - to its own shareholders, as a dividend or in the form of a share buyback. The Adidas share rose in late trading by two percent.