Dick’s Sporting Goods last week announced it has completed its acquisition of Foot Locker Inc.

When the proposed acquisition was announced in May, Dick’s stated the transaction had an equity value of $2.4 billion, according to a news release. As part of the deal, Foot Locker shareholders may elect to receive either $24 in cash or 0.1168 shares of Dick’s common stock for each share of Foot Locker common stock owned.

Foot Locker currently operates about 2,400 retail stores across 20 countries in North America, Europe, Asia, Australia and New Zealand, and a licensed store presence in Europe, the Middle East and Asia. In 2024, Foot Locker achieved net worldwide sales of $8 billion.

As a combined company, Dick’s now will operate more than 3,200 stores plus e-commerce and digital businesses, according to the release. Dick’s will continue to operate Foot Locker’s portfolio of brands, including Foot Locker, Kids Foot Locker, Champs Sports, WSS and atmos.

“We are very enthusiastic about the future of Foot Locker,” said Ed Stack, executive chairman of Dick’s. “The world class team we have assembled is committed to returning Foot Locker to its rightful place in our industry. We are committed to investing in and growing Foot Locker through its strong culture, led by the Stripers, and creating a more powerful experience for consumers.”

Stack will lead the global Foot Locker businesses, in partnership with two new presidents. Ann Freeman, a former longtime Nike executive, has been appointed president of Foot Locker North America; an International president has yet to be named.

Dick’s stated it expects the transaction to result in cost savings of between $100 million and $125 million in the medium term, according to the release.