Deals
Adidas Sells Rockport Footwear Brand in Step Toward Revival
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Adidas AG said it will sell the Rockport shoe business to a company formed jointly by competitor New Balance Athletic Shoe Inc. as it takes the first steps toward a revival.
New Balance has teamed up with private-equity firm Berkshire Partners LLC to acquire the footwear maker for $280 million, Adidas said today in a statement. Rockport will become part of a new company, which will also include New Balance’s Drydock business.