Dick's Sporting to buy Foot Locker for $2.4 billion to fight soft demand
(Reuters) -Dick's Sporting Goods has agreed to acquire smaller rival Foot Locker for $2.4 billion, the second major footwear deal this month after the buyout of Skechers, as the retailers navigate choppy demand and global trade uncertainties. The $24-per-share offer, announced by both companies on Thursday, represents an 86% premium to Foot Locker's last close and gives Dick's a stronger foothold in the sneaker industry with over 3,200 stores and an entry into international markets. The combined company could also benefit from better negotiating power with key vendors such as Nike, Adidas and Puma, at a time when the Trump administration's steep tariffs threaten to raise supply-chain costs for U.S. retailers and discourage consumer spending.