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.

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.

Dick's Sporting Goods is buying Foot Locker for $2.4 billion, the retailers confirmed yesterday. It's the biggest acquisition ever for Dick's—and the deal teams