NEW YORK, May 15 (Xinhua) -- Dick's Sporting Goods is set to acquire the footwear giant Foot Locker for 2.4 billion U.S. dollars, with plans for Dick's to run Foot Locker as a stand-alone business and brand, the companies announced on Thursday.
The merger agreement, which was approved unanimously by the board of directors of both companies, will offer Foot Locker shareholders either 24 dollars in cash or 0.1168 shares of Dick's common stock for each share of Foot Locker common stock, according to the statement.
Foot Locker operates about 2,400 retail stores across 20 countries in North America, Europe, Asia, Australia and New Zealand. The company, which includes brands Kids Foot Locker, Champs Sports, WSS and Atmos, had 8 billion dollars in net worldwide sales in 2024, reported The Washington Post about the development.
