Dick’s Sporting Goods Agrees to Buy Foot Locker

Dick’s Sporting Goods has officially agreed to acquire Foot Locker for approximately $2.4 billion, offering $24 per share and allowing Foot Locker shareholders to choose cash or 0.1168 shares of Dick’s stock per share. The deal, expected to close in the second half of 2025 pending shareholder and regulatory approval, will expand Dick’s U.S. presence and provide its first international foothold through Foot Locker’s 2,400 stores in 20 countries. Dick’s projects $100–$125 million in cost synergies and expects the acquisition to boost earnings per share in the first full fiscal year after closing, excluding transaction costs. Foot Locker shares surged up to 80% on the news, while Dick’s shares declined amid investor caution about the deal’s short-term impact. Both companies have recently faced industry challenges such as changing consumer habits and shifting relationships with suppliers like Nike. The transaction continues a trend of consolidation in the sports retail sector, following 3G Capital’s $9.4 billion acquisition of Skechers.