Nike Poised to Win in Dick's Sporting Acquisition of Foot Locker
If Dick's Sporting Goods Inc. can turn around Foot Locker Inc. — a feat the footwear chain has struggled with on its own — Nike Inc. stands to emerge as a big winner.
The two sportswear chains announced last week that Dick's had reached a $2.4 billion deal to acquire Foot Locker, whose slow recovery hasn't impressed investors. Together, the retailers account for nearly $5 billion — or 10% — of Nike's revenue, according to a Bloomberg estimate.
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