Dick’s Sporting Reportedly Finalising $2.3B Deal for Foot Locker

A major sporting goods deal is said to be close at hand for Dick’s Sporting Goods. The Wall Street Journal reports that the Pittsburgh-based retailer, the biggest in the country, is on the verge of purchasing rival Foot Locker.

The agreement is valued at $2.3 billion and, if finalised, may be concluded as soon as Thursday.

“The sides have talked about a deal at $24 per share for Foot Locker, the people familiar with the matter said,” wrote Lauren Thomas of the WSJ. That would represent almost a 90% premium to the current Foot Locker price, which has fallen off significantly this year. Foot Locker shares were at $12.87 when the market closed on Wednesday. The shares of Dick have dropped 8% this year.

This deal means that Dick’s could go international for the first time. By 2023, they had 800 stores all around the United States.

One of the world’s biggest chains of sports shoes and apparel, Foot Locker, announced earlier this year that it would shut down “dozens” of stores by the end of the year. Also, iHeart reported that the corporation intended to close down 400 underachieving units in the next 23 months (275 Foot Locker and 125 Champs Sports).

Foot Locker also said in March that it will witness poor sales in 2025, threatening its business due to Nike’s price reset and President Donald Trump and his associates’ planned tariffs.

Though Trump has since halted most of the levies, including proposed tariffs on China, Foot Locker shares have suffered and dropped by 40 % so far this year of this afternoon.