Dick's Sporting Goods (NYSE:DKS) is reportedly nearing an agreement to acquire rival retailer Foot Locker, Inc. (NYSE:FL) for around $2.3 billion, according to sources cited by The Wall Street Journal.
The deal is said to value Foot Locker at $24 per share, marking an 86.5% premium on its most recent closing price.
The potential acquisition comes as Foot Locker continues a strategic overhaul announced in 2024 under its “Lace Up Plan,” which includes new store formats, a shift away from shopping malls, and upgrades to its digital and loyalty platforms.
The company also opened a technology hub in Dallas to support its modernisation efforts. An agreement could be finalised soon, though neither company has officially confirmed the deal.