Dick’s Sporting Goods has completed its acquisition of Foot Locker for 2.4 billion dollars (2.2 billion euros). Both brands will continue to co-exist independently.
World leader in the making
Dick’s greatly expands its international presence with the transaction: Foot Locker has three times as many stores as Dick’s (2,400 stores worldwide). Moreover, Foot Locker is mainly active in urban shopping areas, whereas Dick’s 800 stores are mostly in United States suburbs.
“Dick’s is now positioned to become a world leader in the sporting goods retail sector”, the company stated in a press release. According to the new owner, the Foot Locker brand will remain independent.
The acquisition was announced back in May. Dick’s expects the integration to generate 100 million euros in cost savings over the medium term.
