Investing.com -- Dick’s Sporting Goods is close to acquiring Foot Locker (NYSE:FL) in a deal valued at approximately $2.3 billion, according to a report from The Wall Street Journal. The two sides are discussing a $24 per share offer for Foot Locker, representing a nearly 90% premium over the company’s most recent closing price of $12.87.
Since the announcement, Dick’s stock has fallen 7%, whilst Foot Locker shares have rocketed 63.1%, pricing in at nearly $21 per share.
The deal could be finalized as soon as Thursday, barring unexpected delays, people familiar with the matter told the Journal. If completed, the acquisition would be the largest in Dick’s corporate history and expand the Pittsburgh-based retailer’s footprint beyond the U.S. through Foot Locker’s international operations.
Foot Locker shares have fallen sharply this year, dragged down by weaker-than-expected sales, shifting pricing strategies at key brand partner Nike Inc (NYSE:NKE), and pressure from U.S. President Donald Trump’s proposed tariffs. Though many of those levies have now been paused, the retailer’s stock remains down roughly 40% year-to-date.
The footwear industry was particularly vulnerable to Trump’s tariff announcement last month, which rattled supply chains and temporarily drove up projected import costs. Relief followed the decision to shelve most of those duties, including those targeting China, a key hub for sneaker production, but the damage to investor sentiment had already been done.
Dick’s Sporting Goods, which also operates Golf Galaxy stores, has seen its own shares fall 8% in 2025. The company’s move comes just weeks after Skechers agreed to a $9.4 billion buyout by 3G Capital, highlighting a wave of consolidation in the sneaker and sporting goods space as companies seek scale amid global uncertainty.