Dick’s Sporting Goods has confirmed its $2.4 billion (€2.14 billion) acquisition of global sneaker retailer Foot Locker, validating earlier reports from the American press. The deal, priced at $24 per share, includes roughly 2,400 stores operating in nearly 20 countries.

Foot Locker shareholders will be able to choose between a cash payout or shares in Dick’s Sporting Goods. The transaction values the company at 6.1 times its EBITDA.

Dick’s Sporting Goods confirmed it plans to retain all of Foot Locker’s brand banners, including Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos. Combined, these brands generated $8 billion in revenue during the last fiscal year.

Based in Pittsburgh and founded in 1948, Dick’s Sporting Goods reported $13.4 billion in revenue last year. The group currently operates more than 850 stores across the U.S. under several banners: Dick’s Sporting Goods, Golf Galaxy, Public Lands, and Going, Going, Gone!. It also manages e-commerce channels and the Dick’s mobile app.

In addition to its core retail network, the company operates experiential concepts like Dick’s House of Sport, Golf Galaxy Performance Center, and GameChanger — a digital platform offering live streaming, scheduling, and team management for youth sports.

“We’ve long admired the cultural relevance and value of the Foot Locker brand and its dedicated team of Stripers,” said Ed Stack, executive chairman of Dick’s, referring to the retailer’s recognizable store associates.

“We believe there’s significant growth potential ahead. By applying our operational expertise to this iconic business, we see a clear path to unlocking further growth and strengthening Foot Locker’s position in the market. Together, we will leverage the complementary strengths of both organizations to better serve the broad and evolving needs of global sports consumers.”

The acquisition marks Dick’s first major push beyond the U.S., presenting new opportunities as well as strategic challenges. The company expects to realize synergies between $100 million and $125 million.

“We look forward to welcoming Foot Locker’s talented team and leveraging their expertise and passion for the business, which we intend to honor and amplify together,” said Lauren Hobart, president and CEO of Dick’s. “Sports and sports culture remain incredibly powerful, and with this acquisition, we’re creating a new global platform that will meet these needs through iconic concepts consumers know and love, enhanced stores and omnichannel experiences, and product assortments that resonate across diverse customer bases.”

The transaction remains subject to standard regulatory approvals, including antitrust review, and is expected to close in the second half of 2025.