Dick’s Sporting Goods buys Foot Locker for $2.4 billion

(CNN)– Dick’s Sporting Goods is buying Foot Locker.

The sporting goods retailer made the announcement on Thursday, May 15, saying the deal would be for about $2.3 billion.

The transaction would allow Dick’s to expand outside the U.S. for the first time.

It expects to operate its 2400 stores spanning 22 countries.

The company will maintain the Foot Locker name, and run the shoe stores as a standalone business.