Sports equipment retailer Dick's Sporting Goods (DKS) has completed its $2.4 billion U.S. acquisition of rival Foot Locker.
The purchase of Foot Locker, which specializes in selling sneakers, gives Dick's a bigger share of the footwear market with more than 3,000 store locations.
The deal also gives Dick’s Sporting Goods exposure to international markets and broadens its presence beyond its home market of America.
In a news release, Dick's Sporting Goods said the purchase of Foot Locker should add to its earnings per share in the current fiscal year, excluding some one-time costs.
Management at Dick’s have said they plan to continue operating Foot Locker as a standalone business within its portfolio and maintain the retailer's brand.
The deal closed after U.S. antitrust regulators approved the acquisition in late August.
DKS stock has declined 3% this year to trade at $221.24 U.S. per share.
