BERLIN: German sportswear company Adidas said on Tuesday it had completed the divestment of fitness brand Reebok to Authentic Brands Group (ABG) and had received most of the sale proceeds, allowing it to launch a new share buyback.

Adidas said it would continue to operate the Reebok business in several markets on behalf of ABG for a transition period through to early 2023.

It said it had received the majority of the total sale price of up to 2.1 billion euros ($2.35 billion)in cash, allowing it to start a new buyback programme in mid-March of up to 1.5 billion euros until the end of the third quarter.