M&A · Industrials · Retail-Shoe Stores
Dick's Sporting Goods, Inc. to acquire Foot Locker, Inc.
Announced May 15, 2025 · Closed Sep 8, 2025
Deal value$2.50BEV $2.50B
Premium86.5%To unaffected price
EV / Adj. EBITDA5.9x0.3x EV / Revenue
ConsiderationCash and stock$24.00 per share
Transaction
- Acquirer
- Dick's Sporting Goods, Inc. (DKS)
- Target
- Foot Locker, Inc. (FL)
- Buyer type
- Strategic
- Offer price per share
- $24.00
- Enterprise value
- $2.50B
- Status
- Closed Sep 8, 2025
Deal protections
- Break fee (target pays)
- $59.5M · 2.4%
- Reverse fee (buyer pays)
- $95.5M · 3.8%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Evercore
- Evercore fee
- $40.0M
Sector context · Industrials
- Comparable deals
- 88 in the prior 24 months
- Premium
- 86.5% vs. 38.0% sector median
- EV / Adj. EBITDA
- 5.9x vs. 9.2x sector median
- Break fee
- 2.4% vs. 2.8% sector median
Timeline
- AnnouncedMay 15, 2025
- Proxy filedJul 11, 2025
- Definitive proxyJul 11, 2025
- Shareholder voteAug 22, 2025
- ClosedSep 8, 2025
Valuation · fairness opinions
Trading comparables$13.50$21.10
Trading comparables$11.50$22.85
Precedent transactions$17.55$40.85
Discounted cash flow$20.95$30.90
Trading comparables$10.85$17.00
Offer $24.00
Implied value per Foot Locker, Inc. share by analysis, from Evercore · DCF discount rate 12%–14%.