Today, Dick’s Sporting Goods announced that it has finalized its acquisition of Foot Locker, Inc., in a deal worth $2.4 billion.
According to the company, DICK’S is now positioned to “become a global leader in the sports retail industry at the intersection of sport and culture, serving a broader set of consumers across compelling, differentiated concepts.”
As part of the deal, DICK’S will continue to operate Foot Locker’s portfolio of brands, including Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos.
DICK’S Executive Chairman, Ed Stack, will supervise global Foot Locker operations, collaborating with Ann Freeman, an experienced former Nike executive. Additionally, DICK’S will appoint a President for Foot Locker International to manage other regions.
Ed Stack, Executive Chairman of DICK’S told investors, “We are very enthusiastic about the future of Foot Locker. The world class team we have assembled is committed to returning Foot Locker to its rightful place in our industry. We are committed to investing in and growing Foot Locker through its strong culture, led by the Stripers, and creating a more powerful experience for consumers.”
Ann Freeman, President of Foot Locker North America commented, “Together, we have an extraordinary opportunity to build on Foot Locker’s rich heritage and deliver innovative experiences to a variety of footwear consumers – from athletes to sneaker enthusiasts and everyone in between. I look forward to working with the talented Foot Locker team as we accelerate growth, enrich our brand partnerships and inspire the next generation of consumers.”
Lauren Hobart, President and CEO of DICK’S stated, “Bringing together the strengths of both companies will help us return Foot Locker to growth while continuing to fuel DICK’S momentum. As a combined company, DICK’S and Foot Locker will create a global platform that will redefine the sports retail industry and unlock value for both companies, our brand partners, our teammates, our communities and our shareholders.”
Dick’s Sporting Goods stock increased by over 3% after the company’s announcement.
By CEO NA Editorial Staff