Dick's Sporting Goods buys Foot Locker for $2.4 billion
Foot Locker is among the biggest seller of Nike and Under Armour products
Dick's Sporting Goods is buying Foot Locker in a deal valued at $2.4 billion, the companies announced Thursday morning.
Shares of Foot Locker rose nearly 86% as investors will receive 24.00 in cash or 0.1168 shares of Dick's common stock for each share of Foot Locker common stock.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FL | FOOT LOCKER INC. | 23.93 | +11.05 | +85.86% |
| DKS | DICK'S SPORTING GOODS INC. | 179.02 | -30.61 | -14.60% |
"Sports and sports culture continue to be incredibly powerful, and with this acquisition, we'll create a new global platform that serves those ever-evolving needs through iconic concepts consumers know and love, enhanced store designs and omnichannel experiences, as well as a product mix that appeals to our different customer bases" Dick's CEO Lauren Hobart said in the announcement.
The Wall Street Journal first reported deal talks late Wednesday.
As a major retailer for Nike and Under Armour, Foot Locker gives Dick's more exposure to the popular sneaker category.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NKE | NIKE INC. | 62.40 | +0.67 | +1.09% |
| UA | UNDER ARMOUR INC. | 6.20 | +0.20 | +3.33% |
Additionally, Foot Locker announced its "Lace Up Plan" in 2024, which included new store formats, moving away from mall stores, revamping its loyalty program and going digital, FOX Business previously reported.
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Dick's Sporting Goods is reportedly closing in on a deal to buy Foot Locker. (Bing Guan/Bloomberg via Getty Images / Getty Images)
The company later launched its Global Technology Services Hub in Dallas to modernize its technology infrastructure.
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Foot Locker
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FOX Business' Aislinn Murphy contributed to this report.
*This story was updated on 5/15/25 after the deal was announced.