Foot Locker owns Kids Foot Locker, Champs Sports, WSS, and atmos, and has 2,400 stores in 20 countries, including North America, Europe, and Asia.

Foot Locker shareholders can choose to get either $24 in cash or 0.1168 shares of Dick's Sporting Goods common stock for every share of Foot Locker common stock. Dick's will continue to operate Foot Locker as a standalone business and also maintain Foot Locker brands.

Shares of Foot Locker Inc. rocketed higher after hours on Wednesday after the Wall Street Journal reported that Dick’s Sporting Goods Inc. was close to a deal to buy the struggling sneaker chain.