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.