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Adidas AG is planning a new share-buyback program amounting to up to €1.5 billion (1.68 billion) to return to shareholders the proceeds of the sale of Reebok to Authentic Brands Group (ABG).
The sale of Reebok, which has now been completed, was signed last year for up to roughly €2.1 billion, including unresolved and contingent liabilities.
Adidas has received the majority of the cash part of the deal but would continue to operate the business on behalf of New York-based licensing company ABG during a transition period.
The buyback will begin by mid-March and run until the end of the third quarter.
Adidas already has a plan in place to purchase back up to 4 billion shares worth about €4 billion through 2025. The first tranche of this initiative was completed last month.
