The combined company will have a competitive edge in the Nike sneaker market and will provide Dick's access to international markets, plus a younger consumer.

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.

Analysts see Nike as a key beneficiary of Dick's Sporting Goods buying Foot Locker in a deal valued at around $2.4 billion.