Dick’s Sporting Goods Nears Deal to Acquire Foot Locker

Dick’s Sporting Goods is reportedly close to finalizing a deal to acquire Foot Locker from competitor footwear retailers for approximately $2.3 billion. This information was shared by sources familiar with the matter on Wednesday.

The companies are said to be negotiating a price of $24 per share for Foot Locker, which would mark an 86.5% increase compared to the stock’s last closing price.

In response to this news, shares of Dick’s Sporting Goods dropped around 5%, while Foot Locker’s stock surged by 62% in after-hours trading.

The agreement could be confirmed as soon as Thursday, according to the same sources.

As of now, the company has not provided any comments in response to inquiries from Reuters.