After rumors of the merger began to swirl yesterday evening, Dick's Sporting Goods has confirmed its acquisition of Foot Locker for a whopping $2.4 billion.
"We look forward to welcoming Foot Locker's talented team and building upon their expertise and passion for their business, which we intend to honor and amplify together," Lauren Hobart, the president and CEO of Dick's, said.
Dick's Sporting Goods was founded in 1948 and currently has over 800 stores in the US. Additional stores that are operated by the company include Golf Galaxy, Going Going Gone!, and Public Lands. Unlike DSG, Foot Locker has retail locations outside of the US, with 2,400 stores scattered across 20 countries, including North America, Europe, Austria, and New Zealand.
Dick's Sporting Goods confirmed in a press release that Foot Locker will continue to operate as a standalone business unit within its portfolio once the acquisition is completed sometime during the second half of this year.
