Adidas Ends Reebok Era With $2.5 Billion Sale to Authentic Brands

The logo of footwear and clothing company Reebok, a subsidiary of German sporting goods giant Adidas, is seen in a store in Munich, southern Germany, on March 10, 2021. Christof Stache/AFP via Getty Images

BERLIN—Adidas is selling Reebok to Authentic Brands Group(ABG) for up to 2.1 billion euros ($2.5 billion) as the German sporting goods company concentrates on its core brand after a deal that did not deliver.

Adidas bought Reebok for $3.8 billion in 2006 to help compete with arch-rival Nike, but its sluggish performance prompted repeated calls from investors to sell the U.S. and Canada focused brand.