Dick’s to acquire Foot Locker in for $2.4 billion

It’s acquiring another big-name retailer.

Transcript

00:00As it looks to expand internationally, Dick's Sporting Goods says it plans to acquire one of

00:04its rivals, Footlocker. Dick's hopes the $2.4 billion deal will bring in new customers as

00:09well as grab a hold of the Nike sneaker market. Of the deal, Footlocker CEO Mary Dillon said,

00:14by joining forces with Dick's, Footlocker will be even better positioned to expand sneaker culture,

00:18elevate the omnichannel experience for our customers and brand partners,

00:22and enhance our position in the industry. At the time of the deal, shares of Footlocker

00:25were down more than 40% from the start of the year. While the two companies are seen as rivals,

00:30Dick's has almost doubled the revenue of Footlocker. The company reported revenue of $13.4 billion

00:35in its most recent fiscal year, compared to Footlocker's $7.99 billion. After the deal is

00:42completed, Footlocker will remain a standalone brand within the Dick's portfolio, maintaining

00:46brands Footlocker Kids, WSS, and Champs. That'll do it for your daily briefing. From New York City,

00:51I'm Kelsey Barbario with The Street.