India, May 15 -- DICK'S Sporting Goods, Inc. (DKS), an omni-channel sporting goods retailer, on Thursday announced that it has entered into a definitive merger agreement to acquire Foot Locker, Inc. (FL), a footwear and apparel retailer. The deal implies an equity value of around $2.4 billion and an enterprise value of approximately $2.5 billion.
In the pre-market activity on the NYSE, DICK'S shares were losing around 11.3 percent to trade at $186.00.
Foot Locker shares were gaining around 81 percent to trade at $23.24.
The transaction is expected to be accretive to DICK'S Sporting Goods' earnings per share in the first full fiscal year post-close, excluding one-time costs.
Under the deal terms, Foot Locker shareholders will elect to re...