PwC Legal advises adidas on carve-out of Reebok

Dusseldorf, 16th of August 2021

The PricewaterhouseCoopers Legal AG (PwC Legal) advises adidas AG on the carve-out and sale of its worldwide Reebok business. adidas will sell the Reebok business to the Authentic Brands Group (ABG) for a total purchase price of up to €2.1 billion. The majority of the purchase price will be paid in cash upon closing of the transaction. The remainder is made up of deferred and contingent consideration. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2022. PwC Legal assisted adidas during the due diligence process and in the preparation of the carve-out plan. Following the signing, PwC Legal will support implementing the global carve-out process through its international network.

PwC Legal partners Dr Simon Dürr and Dr Frederic Mirza Khanian lead the German core team advising on this transaction. They are members of the Global-transformation team, an initiative of PwC and PwC Legal, in which experts from tax, legal, valuation, finance and delivering deal value provide comprehensive support for international reorganisation projects from a single source. Other projects led by Dr Simon Dürr and Dr Frederic Mirza Khanian include the global business integration of Monsanto for Bayer, the worldwide carve-out of Bayer’s animal health business for acquisition by Elanco, the carve-out of the Sennheiser Consumer Division to be sold to Sonova, as well as the integration of Merial for Boehringer Ingelheim, of Silver Peak and Cray Computers for Hewlett Packard Enterprise, and Sigma-Aldrich for Merck.

Other members of the Global Transformations team include: Claire Cheung-Ah-Seung, Ursula Braun, Simon Tissen, Matthias Diegelmann, Marc Peisert, Aleksandra Lis-Rychlinska, Dr Arne Pidun, Leire Montero Sanchez, Christina Maurer-Heinze, Gwendolin Seinecke-Krankowsky, Janaina Kutzner, Dr Johannes Bode, Timm Berlemann, Mathilde Poncelet, Johannes Hegemann, Christian König and Kim Pfeffer.

The Global Transformations Team is regularly supported by the technology experts Sally Trivino and Chirag Oberoi, who provide customised, innovative legal tech solutions.

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