Dick’s Sporting Goods Nears $2.3 Billion Deal to Acquire Foot Locker

Bengaluru, India – Dick's Sporting Goods is reportedly close to finalizing a $2.3 billion acquisition of Foot Locker, according to a Wall Street Journal report published Wednesday. This potential deal, discussed at $24 per share for Foot Locker, would mark an 86.5% premium from the retailer’s recent closing price.

Shares of Foot Locker surged by 62.32% in after-hours trading following the news, while Dick’s Sporting Goods shares dropped about 5%. Analysts highlight the significance of this move as Dick’s seeks to enhance its market position in the competitive athletic footwear industry.

The proposed acquisition could be completed as early as Thursday. However, representatives from both companies did not return requests for comment by Reuters at the time of reporting.

Foot Locker operates approximately 2,523 stores across 26 countries and is known for its diverse portfolio of brands, including Kids Foot Locker and Champs Sports. Meanwhile, Dick’s Sporting Goods continues to expand its footprint in the sporting retail sector, suggesting the potential merger could reshape the landscape of athletic apparel and footwear retail.

The deal reflects ongoing changes in retail as companies consolidate to improve their competitive stance in a challenging market.