Adidas Kicks Out Reebok

In 2006, Adidas purchased Reebok for about $3.8 billion. The goal was to increase the company's presence in the sneaker market to better compete with Nike. In the past several years, Adidas' sales have grown, while Reebok's sales have been poor. As a result, Adidas has agreed to sell Reebok to Authentic Brands Group for about $2.5 billion, abandoning its investment in Reebok.