Dick’s Sporting Goods closes in on deal to buy rival Foot Locker: report

Dick’s Sporting Goods was reportedly in advanced talks to acquire competitor Foot Locker in a deal worth approximately $2.3 billion, according to sources cited by the Wall Street Journal.

The potential deal would value Foot Locker at $24 per share, representing an 86.5% premium over its last closing price.

Following the news, Foot Locker’s shares surged by 62% in after-hours trading, while Dick’s Sporting Goods saw a slight decline of about 5%.

The acquisition could be finalized as early as Thursday, as per the report.

Neither company immediately responded to requests for comment from Reuters.