Dick's Sporting agreed to buy sneaker chain Foot Locker for $2.4 billion, expanding its presence internationally and giving it greater negotiating power with vendors.

Dick’s said it plans to maintain the Foot Locker brand and operate the company as a stand-alone business unit within its portfolio.

Dick’s, the retail leader in sporting goods, will acquire Foot Locker, the leading specialty footwear retailer, for $2.4 billion. Both depend heavily on sneaker sales.