DICK’s Sporting Goods has officially joined forces with Foot Locker in a huge $2.4 billion deal.
The retail giant revealed on Monday it had completed its costly acquisition of Foot Locker.
Dick’s Sporting Goods is the largest sporting goods retail company in the country, selling a vast selection of athletic equipment, apparel, and footwear both online and through its over 850 US stores.
Under the new deal, the chain will have a stronger foothold in the sneaker market, positioned to become a global leader in the sports retail industry.
Dick’s Sporting Goods will now operate over 3,200 stores as well as e-commerce and digital businesses across 20 countries in North America, Europe, Asia, and Australia.
The company revealed back in May that it expects to operate Foot Locker as a standalone business within its portfolio and maintain its portfolio of brands, such as:
- Foot Locker
- Kids Foot Locker
- Champs Sports
- WSS
- atmos
“We are excited to officially welcome the Foot Locker team,” said Lauren Hobart, CEO of Dick’s, in a press release.
“Bringing together the strengths of both companies will help us return Foot Locker to growth while continuing to fuel DICK’S momentum.
“As a combined company, DICK’S and Foot Locker will create a global platform that will redefine the sports retail industry and unlock value for both companies, our brand partners, our teammates, our communities and our shareholders.”
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