Dick's Sporting Goods announced a $2.4 billion acquisition of Foot Locker, aiming to operate it as a standalone brand while maintaining its sub-brands. CEO Lauren Hobart emphasized that this merger seeks to strengthen their global footprint within the evolving sports culture. The acquisition follows a similar buyout of Skechers by investment firm 3G Capital, indicating a trend in the industry amidst concerns about President Trump's tariffs impacting production costs. With a significant portion of athletic footwear imported from Asia, companies face pressure as new tariffs could affect pricing strategies in the U.S. market.
"Sports and sports culture continue to be incredibly powerful, and with this acquisition, we'll create a new global platform that serves those ever evolving needs through iconic concepts consumers know and love."
"Foot Locker shareholders can choose to receive either $24 in cash or 0.1168 shares of Dick's common stock for each Foot Locker share that they own."
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