US-based omni-channel retailer Dick's Sporting Goods has completed a $2.4bn acquisition of footwear and apparel retailer Foot Locker.
Dick's will now serve a wider consumer base through a range of differentiated concepts.
The companies signed the agreement for the deal in May 2025.
Dick's will now operate 3,200 stores, along with e-commerce and digital platforms, across 20 countries in North America, Europe, Asia and Australia as a combined entity. This expansion is expected to fortify its relationships with key brand partners globally.
Dick's will maintain the operation of the Foot Locker brand suite, encompassing Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos.
Dick's executive chairman Ed Stack will oversee the global Foot Locker businesses, with Ann Freeman, a former Nike executive, appointed as president of Foot Locker North America.
Freeman stated: "Together, we have an extraordinary opportunity to build on Foot Locker's rich heritage and deliver innovative experiences to a variety of footwear consumers – from athletes to sneaker enthusiasts and everyone in between. I look forward to working with the talented Foot Locker team as we accelerate growth, enrich our brand partnerships and inspire the next generation of consumers."
A president for Foot Locker International will be appointed to lead operations in other regions.
The acquisition is projected to yield $100m to $125m in cost synergies, primarily from procurement and direct sourcing efficiencies in the medium term.
Dick's expects the transaction to be accretive to earnings per share in the fiscal year 2026, excluding transaction and one-time costs to achieve synergies.
Dick's president and CEO Lauren Hobart stated: "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."
Goldman Sachs acted as the financial advisor, and Wachtell, Lipton, Rosen & Katz provided legal counsel to Dick's for this transaction.
