Dick's Sporting Goods is buying Foot Locker: Here's everything to know about the $2.4 billion deal

Dick's Sporting Goods has announced it will acquire Foot Locker for $2.4 billion, financed through cash and new debt. The merger will see Foot Locker's brands, including Champs Sports, operated as a standalone entity within Dick's portfolio. Stock prices reacted with Dick's shares falling over 13%, while Foot Locker's surged by 82%. Both companies expressed optimism for the merger, highlighting opportunities to expand sneaker culture and enhance customer experiences amid prevailing economic uncertainties.

"We look forward to welcoming Foot Locker's talented team and building upon their expertise and passion for their business."

"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."

Read at Fast Company