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JD Sports Fashion PLC (LSE:JD.) shares rose 3.3% on Thursday as investors warmed to the idea that a potential tie-up between Dick's Sporting Goods and Foot Locker might end up helping, not hindering, its US operation.

CNBC's Courtney Reagan reports on the latest news.

Dick's Sporting Goods has agreed to buy smaller rival Foot Locker for $2.4 billion, the companies said on Thursday.

NEW YORK , May 15, 2025 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL) today reported select preliminary financial results for its first quarter ended May 3, 2025. Mary Dillon, Chief Executive Officer, said, "Despite making ongoing progress with our Lace Up Plan, our preliminary first quarter results are below our expectations as we experienced softer traffic trends globally.

Combination creates global platform within the growing sports retail industry, positioned to serve evolving needs of a broader range of consumers Poised to drive long-term success through innovative store concepts and digital experiences Foot Locker shareholders can elect to receive either $24.00 in cash or 0.1168 shares of DICK'S Sporting Goods common stock for each share of Foot Locker common stock Transaction expected to be accretive to DICK'S Sporting Goods EPS in the first full fiscal year post-close (excludes one-time costs) PITTSBURGH and NEW YORK , May 15, 2025 /PRNewswire/ -- DICK'S Sporting Goods, Inc. ("DICK'S") (NYSE: DKS), a leading U.S. based full-line omni-channel sporting goods retailer, and Foot Locker, Inc. ("Foot Locker") (NYSE: FL), a leading footwear and apparel retailer, today announced that they have entered into a definitive merger agreement under which DICK'S will acquire Foot Locker. This transaction implies an equity value of approximately $2.4 billion and

The deal values Foot Locker at a 90% premium to its Wednesday closing price.

Dick's Sporting Goods (NYSE:DKS) is reportedly nearing an agreement to acquire rival retailer Foot Locker, Inc. (NYSE:FL) for around $2.3 billion, according to sources cited by The Wall Street Journal. The deal is said to value Foot Locker at $24 per share, marking an 86.5% premium on its most recent closing price.

Dick's Sporting Goods is reportedly close to reaching a deal to acquire Foot Locker for about $2.3 billion. The two companies have discussed a deal at that price, and they could finalize a deal as soon as Thursday (May 15), The Wall Street Journal (WSJ) reported Wednesday (May 14), citing unnamed sources.

Foot Locker is flying.

Shares of Foot Locker Inc. rocketed 65% 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.