Dick's Sporting Goods to acquire Foot Locker for ~$2.4B; Q1 comp sales up 4.5%

DICK'S SPORTING GOODS, INC.

Acquisition implies ~$2.4B equity value; Foot Locker shareholders elect $24 cash or 0.1168 DKS shares per FL share.
Transaction expected to close H2 2025, accretive to DKS EPS in first full fiscal year post-close (excl. one-time costs).
Preliminary Q1 2025: comp sales +4.5%, GAAP EPS $3.24, non-GAAP EPS $3.37.
Cost synergies expected $100-125M in medium-term from procurement and sourcing efficiencies.
DKS to finance through cash-on-hand and new debt; Goldman Sachs provides committed bridge financing.

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