Dick’s Secures $2.4 Billion Acquisition of Sporting Goods and Footwear Chain Foot Locker

Foot Locker is now officially a part of Dick’s Sporting Goods.

Dick’s announced Monday (Sept. 8) that it had concluded its $2.4 billion acquisition of the footwear and sporting goods chain. This purchase gives Dick’s a greater piece of the sneaker market, as it now operates more than 3,200 stores, while positioning it to expand on an international basis.

“We are excited to officially welcome the Foot Locker team,” Lauren Hobart, president and CEO of Dick’s, said in a news 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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