Dick’s, the retail leader in sporting goods, will acquire Foot Locker, the leading specialty footwear retailer, for $2.4 billion. Both depend heavily on sneaker sales.

Dick’s said it plans to maintain the Foot Locker brand and operate the company as a stand-alone business unit within its portfolio.

Dick's Sporting Goods is buying Foot Locker for $2.4 billion, the retailers confirmed yesterday. It's the biggest acquisition ever for Dick's—and the deal teams