Nike has bought the footwear giant Adidas for $5.5 billion.
The deal, announced on Wednesday, gives Nike the largest shoe brand in the world, making it one of the most valuable brands in the footwear industry.
The $5 billion deal is the biggest acquisition in Nike’s history and the latest move in the Nike-Adidas alliance.
The shoe giant said the deal is valued at about $1.3 billion, a value that will grow as Nike continues to expand into sports, apparel and footwear.
Nike CEO Mark Parker said in a statement: Nike and its customers are among the most innovative and engaged brands in sports, entertainment, and design.
And the Nike+Adidas partnership will accelerate the growth of Nike’s brand portfolio by adding footwear to its core portfolio.
The Nike+ADidas partnership, which is expected to be finalized in the coming months, will expand the brands reach beyond the sports and entertainment segments.
It will also help strengthen the brand’s international presence, which includes markets around the world.
Nike has been aggressively expanding its footprint into other industries, such as fashion, fashion apparel and home goods, with the launch of its new sneakers.
In 2017, Nike spent more than $1 billion in China, the company’s biggest market outside of the United States.
The company also opened a brand headquarters in Shanghai and launched an apparel and shoe store in New York City, where it now has stores in all 50 states.