Dick’s Sporting Goods has inked a $2.4 billion deal to acquire the global sneaker retailer Foot Locker. The deal includes acquisition of the brand’s roughly 2,400 stores operating in nearly 20 countries.

Dick’s Sporting Goods confirmed plans to retain all of Foot Locker’s brand banners, including Foot Locker, Kids Foot Locker, Champs Sports, WSS, and atmos. Combined, these brands generated $8 billion in revenue during the last fiscal year.

Based in Pittsburgh and founded in 1948, Dick’s Sporting Goods reported $13.4 billion in revenue last year. The group currently operates more than 850 stores across the US under several banners: Dick’s Sporting Goods, Golf Galaxy, Public Lands, and Going, Going, Gone! It also manages e-commerce channels and the Dick’s mobile app.

In addition to its core retail network, the company operates experiential concepts like Dick’s House of Sport, Golf Galaxy Performance Center, and GameChanger — a digital platform offering live streaming, scheduling, and team management for youth sports.

Ed Stack, Executive Chairman, Dick’s Sporting Goods, says, Foot Locker’s cultural relevance and value alongwith its dedicated team of Stripers offers significant growth potential for the company in the market. The partnership aims to leverage the complementary strengths of both organizations to better serve the broad and evolving needs of global sports consumers, he adds.

Dick’s first major expansion beyond the US, the acquisition presents new opportunities as well as strategic challenges. The company expects to realize synergies between $100 million and $125 million.

Lauren Hobart, President and CEO , Dick’s Sporting Goods affirms, with this acquisition, the company is creating a new global platform that will meet these needs through iconic concepts consumers know and love, enhanced stores and omnichannel experiences, and product assortments that resonate across diverse customer bases.