May 15 (UPI) -- Dick's Sporting goods said Thursday it plans to buy Foot Locker in a $2.4 billion deal.
The two companies issued a joint statement Thursday that said they "have entered into a definitive merger agreement under which Dick's will acquire Foot Locker."
"We have long admired the cultural significance and brand equity that Foot Locker and its dedicated Stripers have built within the communities they serve," said Ed Stack, Executive Chairman of DICK'S in a statement. "We believe there is meaningful opportunity for growth ahead."
"By joining forces with DICK'S, Foot Locker will be even better positioned to expand sneaker culture, elevate the omnichannel experience for our customers and brand partners, and enhance our position in the industry," Foot Locker CEO Mary Dillon said. " We are pleased to provide shareholders with a transaction structure that offers the choice of significant and immediate cash value or the opportunity to invest in the combined company and benefit from the substantial upside potential."
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