Dick’s Sporting Goods, a leading U.S. based full-line omni-channel sporting goods retailer, is acquiring struggling footwear chain Foot Locker.
The transaction implies an equity value of approximately $2.4 billion and an enterprise value of approximately $2.5bn.
Foot Locker has a strong history of sneaker expertise that sparks discovery and ignites the power of sneaker culture through its portfolio of brands, including Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos. It encompasses approximately 2,400 retail stores across 20 countries in North America, Europe, Asia, Australia and New Zealand, and a licensed store presence in Europe, the Middle East and Asia.
In 2024, Foot Locker achieved net worldwide sales of $8 billion. Dick’s expects to operate Foot Locker as a standalone business unit within its portfolio and maintain the Foot Locker brands.
Per an official release, “The proposed acquisition represents an important strategic milestone for Dick’s whereby the combined company offers significant strategic and financial benefits.”
Dick’s stock dropped more than 13% before the market open, while shares of Foot Locker surged more than 82%.
