Foot Locker Shareholders Approve Acquisition by Dick’s Sporting Goods

Foot Locker shareholders voted to approve the footwear and apparel retailer’s acquisition by Dick’s Sporting Goods, which was announced in May. Shareholders voted at a special meeting held last Friday and approved the deal with 99 percent of the votes cast, representing 70 percent of all outstanding shares, voting in favor, Foot Locker said in a Friday press release. The transaction remains subject to other customary closing conditions, including regulatory approval, but is expected to close in the second half of the year, according to the release.

Dick’s plans to operate Foot Locker as a standalone business unit, maintain the Foot Locker brands, and create enhanced store designs, omnichannel experiences and a product mix that appeals to all the brands’ customer bases, the companies said at the time.

Total Retail's Take: Dick’s acquisition of Foot Locker for approximately $2.4 billion marks a strategic shift, providing Dick’s with immediate global scale and an expanded footprint of roughly 2,400 additional stores across 20 countries, complementing its U.S. base of 800-plus outlets. The merger enhances Dick's bargaining power with key suppliers such as Nike, offering cost synergies. For the broader sporting goods vertical, this deal signals continued consolidation of category leaders. However, it may raise the specter of government regulators. In fact, it already has. Sen. Elizabeth Warren, D-Mass., said in an Aug. 6 press release that she wrote a letter to the FTC and the Department of Justice’s Antitrust Division, saying the deal could lead to higher prices for consumers and urging the regulators to block it if they find it violates antitrust laws.