Adidas buying Reebok for $3.8 billion

Number two athletic shoe maker Adidas is buying number three athletic shoe maker Reebok in a $3.8 billion deal. The combined company gains a good 20 percent of the US market, but still places the duo behind number one Nike.

Neither company is forfeiting their own brands. Adidas Chairman and CEO Herbert Hainer said the brands would stay separate but complement each other — a move that is likely to help them in their competition with Nike.

German-based Adidas has its roots in soccer and track and field, while Reebok's line of sneakers and athletic gear is visible across American sports like football, baseball and basketball.

Combining the two, executives said, will mean more access to athletic events just about anywhere there is a stadium.

The two brands will still compete on an in-store basis, so the average consumer won't see much of a change. Likewise, the two brands will retain their sponsorship programs, so you won't see much of a change there either.

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