Dick's Sporting Goods Inc. has announced a definitive agreement to acquire Foot Locker, Inc. through a merger. Under the terms of the agreement, Foot Locker will become a wholly owned subsidiary of Dick's. Shareholders of Foot Locker will have the option to receive either $24.00 per share in cash or 0.1168 shares of Dick's common stock for each share of Foot Locker common stock they hold. This transaction is part of Dick's strategic move to expand its footprint in the sporting goods market. The merger is expected to close following the satisfaction of customary closing conditions, including the approval of Foot Locker's shareholders and necessary regulatory clearances.