Dick's Sporting Goods Reportedly Finalizing $2.3 Billion Purchase

Dick's Sporting Goods is reportedly closing in on a major purchase in the sporting goods space.

The Pittsburgh-based company, which is the largest sporting goods retailer in the country, is nearing a deal to acquire rival Foot Locker, according to the Wall Street Journal.

If finalized, the agreement is reportedly worth $2.3 billion and could be wrapped up as early as Thursday.

"The sides have discussed a deal at $24 per share for Foot Locker, the people said," wrote Lauren Thomas of the WSJ. "That would be a nearly 90% premium to Foot Locker’s current price, which has dropped sharply this year. Foot Locker shares closed at $12.87 on Wednesday. Dick’s shares are down 8% this year."

With this deal, Dick's, which had 800 stores around the United States as of 2023, would be able to go international for the first time.

One of the leading footwear and apparel retailers in the world, Foot Locker revealed in January that it planned to close "dozens" of stores by the end of the year. Additionally, iHeart reported that the corporation planned to shutter 400 underperforming locations over the next 23 months--275 Foot Locker locations and 125 Champs Sports outposts

Foot Locker also said in March it was planning on weaker sales in 2025, due to Nike's price resets and the proposed tariffs by President Donald Trump and his administration.

While Trump has since paused most of the tariffs, included proposed levies against China, Foot Locker's stock has taken a hit and remained down 40% for the year as of this afternoon. 

This reported deal between Dick's and Foot Locker joins the recent sneaker buyout of Skechers, which sold itself to private-equity firm 3G Capital earlier this month for a price of $9.4 billion.