By  on July 27, 2017

PARIS — Looking to focus on bolstering footwear and apparel sales via its Adidas and Reebok brands, Adidas AG on Thursday said it has entered into a definitive agreement to sell its CCM Hockey brand to a newly formed affiliate of Canada’s Birch Hill Equity Partners.

Subject to customary closing conditions, the transaction, valued at $110 million, is expected to be completed during the third quarter of 2017, according to a statement from the German sporting goods firm. Kasper Rorsted, ceo of Adidas AG, said the divestiture of the brand reflects the company’s commitment to its so-called Creating the New strategy.

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