The deferred local closings will take place later this year and in early 2023. In-line with the definitive agreement signed in August 2021 and as a result of the formal completion of the divestiture, Adidas has now received the majority of the total consideration of up to €2.1 billion in cash, with the remainder comprised of deferred and contingent consideration, Adidas said in a media release.
Against this background, Adidas will launch a new share buyback programme to return the cash proceeds from the Reebok divestiture to its shareholders. Starting in mid-March 2022, the company intends to repurchase own shares in an amount of up to €1.5 billion until the end of the third quarter 2022.
The decision to repurchase shares will be in addition to the company’s regular buyback activities.
ALCHEMPro News Desk (KD)
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