Dick’s Sporting Goods buys Foot Locker

(CNN, KYMA/KECY) - Dick's Sporting Goods is buying Foot Locker. The sporting goods retailer said that it would be for right around $2.4 billion.

The transaction would allow Dick's to expand outside of the U.S. for the first time. They expect to operate its 2,400 stores that span 22 countries.

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

It comes as retailers have been hit hard by President Donald Trump's tariffs, especially on goods from China, which is crucial to the sneaker industry.