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Dick’s Sporting Goods, Inc. (NYSE: DKS) today announced it has entered into a definitive agreement to acquire Foot Locker, Inc. (NYSE: FL) in a transaction valued at approximately $2.4 billion. The strategic move—Wachtell Dick's $2.4B Acquisition Foot Locker—positions Dick’s to expand its global footprint and revitalize one of the most iconic names in athletic retail.

Under the terms of the agreement, Foot Locker shareholders will receive either $24 per share in cash or 0.1168 shares of Dick’s common stock for each share of Foot Locker common stock. The offer represents a 66% premium over Foot Locker’s recent 60-day trading average. The transaction is expected to close in the second half of 2025, subject to customary closing conditions and regulatory approvals.

Legal and Financial Advisors
Dick’s is being advised by Wachtell, Lipton, Rosen & Katz, with a team led by partners David C. Karp and Brandon C. Price. Goldman Sachs is serving as financial advisor and has provided fully committed bridge financing.
Foot Locker is represented by Skadden, Arps, Slate, Meagher & Flom LLP, and advised by Evercore as its financial advisor.

“Dick’s is approaching this acquisition from a position of strength,” said Ed Stack, Executive Chairman of Dick’s Sporting Goods. “We’ve conducted rigorous due diligence and believe we have a clear path to enhancing Foot Locker’s operations and growth trajectory.”

Maintaining Brand Independence with Shared Strength
Post-acquisition, Foot Locker will continue operating under its own name and leadership, preserving its legacy and customer relationships while gaining access to Dick’s industry-leading operational expertise.

“This acquisition strengthens our ability to serve athletes and consumers globally,” said Lauren Hobart, President and CEO of Dick’s. “We will enhance vendor partnerships, expand omnichannel capabilities, and leverage strong brand recognition—especially ahead of key global events like the 2026 FIFA World Cup.”

The combined company is expected to generate $100 to $125 million in cost synergies, primarily through procurement and direct sourcing efficiencies. Both companies emphasized the shared commitment to innovation, customer experience, and market leadership.

Market Impact and Strategic Fit
Foot Locker currently operates approximately 2,400 retail locations across North America, Europe, Asia, Australia, and New Zealand, under banners including Kids Foot Locker, Champs Sports, WSS, and atmos. Despite slight revenue declines in 2024, Foot Locker showed 1.4% growth in comparable sales, signaling a positive trend.

Meanwhile, Dick’s reported 5.2% comparable sales growth and 15% earnings growth in 2024, continuing its steady upward trajectory.

“This is not a merger for ego—this is a bold, thoughtful move grounded in opportunity,” added Stack. “We believe in Foot Locker’s potential and are confident in our ability to unlock it.”