Germany’s sporting goods maker Adidas-Salomon agreed to buy U.S. rival Reebok for $3.8 billion, closing the gap on Nike and promising a profit jump by expanding in the United States and entering new markets.
The world’s second- and third-biggest sports goods companies said on Wednesday Adidas would buy the outstanding shares of Reebok for $59 per share in cash, a 34 percent premium to Reebok’s closing share price on Tuesday.
