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.

Foot Locker owns Kids Foot Locker, Champs Sports, WSS, and atmos, and has 2,400 stores in 20 countries, including North America, Europe, and Asia.

Foot Locker shareholders can choose to get either $24 in cash or 0.1168 shares of Dick's Sporting Goods common stock for every share of Foot Locker common stock. Dick's will continue to operate Foot Locker as a standalone business and also maintain Foot Locker brands.