It bought the US fitness label for $3.8 billion in 2006 but has been under long-term pressure from investors to sell the brand.

Of the new deal, it said the majority of the sale price will be paid in cash at the closing of the transaction, which is expected in Q1 2022. Adidas said it intends to “share the majority of the cash proceeds to be received upon closing with its shareholders”. 

Meanwhile ABG’s founder, Chairman and CEO, Jamie Salter, added: “It’s an honor to be entrusted with carrying Reebok’s legacy forward. 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.” Via FashionNetwork