Adidas Sells Boston-Based Reebok To Authentic Brands Group

BOSTON (CBS) -- Adidas is selling Boston-based Reebok to Authentic Brands Group of New York City for about $2.5 billion.

Authentic Brands owns several well-known companies, such as Brooks Brothers, Aeropostale and Sports Illustrated.

Adidas put Reebok up for sale earlier this year to focus on strengthening its own brand.

Adidas bought Reebok back in 2006 for $3.8 billion when the company was based in Canton. Reebok moved its headquarters from Canton to Boston's Seaport district in 2017.

"Reebok has been a valued part of adidas, and we are grateful for the contributions the brand and the team behind it have made to our company. With this change in ownership, we believe the Reebok brand will be well-positioned for long-term success," Adidas CEO Kasper Rorsted said in a statement Thursday.

The sale is expected to be completed in early 2022.