German sporting goods giant Adidas announced Thursday it will sell its sportswear brand Reebok to Authentic Brands Group for about $2.5 billion. The acquisition comes as Reebok has seen lower-than-expected sales.

Authentic Brands is known for bringing brands back to life, including Brooks Brothers, Aeropostale, Forever 21, and Juicy Couture.

“This is an important milestone for ABG, and we are committed to preserving Reebok’s integrity, innovation, and values - including its presence in bricks and mortar,” ABG chairman and CEO Jamie Salter said in a press release.

ABG plans for an initial public offering for Reebok this summer.

Adidas says that the deal will go through at the end of the first quarter of 2022. Adidas plans to share the majority of the deal's profit with its shareholders.

Reebok was purchased by Adidas in 2006 for $3.8 billion in an attempt to stay up to pace with its biggest competitor Nike. But Reebok, which was founded in Bolton, England, and became an American company in 1985, struggled behind Adidas and other sports apparel competitors.

Adidas eventually sold off Reebok brands like Rockport CCM Hockey and Greg Norman.

“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,” said Adidas CEO Kasper Rorsted in a press release.