The German sportswear company Adidas has agreed a $2.5bn sale of its Reebok unit to the U.S. firm Authentic Brands Group.

Adidas bought Reebok in 2006 for $3.8bn, as part of its efforts to take on Nike, with high-profile collaborations in recent years with big names like the pop star Ariana Grande.

But in February, Adidas CEO Kasper Rorsted announced it was being put up for sale.

In a statement announcing the deal with Authentic Brands Group, he said: "Reebok has been a valued part of Adidas, and we are grateful for the contributions the brand and the team behind it have made to our company.

"With this change in ownership, we believe the Reebok brand will be well-positioned for long-term success."

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Authentic Brands Group owns Fashion retailers JCPenney, Forever21 and Brooks Brothers, as well as the magazine Sports Illustrated.

"It's an honor to be entrusted with carrying Reebok's legacy forward," the company's CEO Jamie Salter said in a statement.

Adidas raised its full-year earnings forecast for the group earlier this month after a strong third quarter.

The sale is subject to closing conditions and is expected to go through in the first quarter of 2022, according to Adidas.