DICK’S Sporting Goods has agreed to acquire Foot Locker for about US$2.4 billion, strengthening its position in the sporting goods and athletic wear market.
Foot Locker has a long-standing presence in the sneaker retail industry, operating a portfolio of brands that includes Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos.
The company manages around 2,400 retail stores throughout 20 markets across North America, Europe, Asia, Australia, and New Zealand. It also has licensed store presence in Europe, the Middle East, and Asia.
Last year, Foot Locker reported net global sales of $8 billion.
Following the acquisition, DICK’S plans to operate Foot Locker as a separate business unit and retain its existing brand portfolio.
“By joining forces with DICK’S, Foot Locker will be even better positioned to expand sneaker culture, elevate the omnichannel experience for our customers and brand partners, and enhance our position in the industry,” said Mary Dillon, CEO of Foot Locker.
“We believe there is meaningful opportunity for growth ahead. By applying our operational expertise to this iconic business, we see a clear path to further unlocking growth and enhancing Foot Locker’s position in the industry. Together, we will leverage the complementary strengths of both organizations to better serve the broad and evolving needs of global sports retail consumers,” said Ed Stack, Executive Chairman of DICK’S
Foot Locker shareholders will have the option to receive either $24.00 in cash or 0.1168 shares of DICK’S common stock per share.
The offer represents a 66 per cent premium over Foot Locker’s 60-trading day volume weighted average price as of May 14, 2025. DICK’S will fund the acquisition using a mix of cash-on-hand and new debt.
Goldman Sachs is serving as financial advisor to DICK’S, while Evercore is acting as financial advisor to Foot Locker.