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.

The retail landscape is littered with failed mega-mergers, but that's not stopping Dick's Sporting Goods from trying its own hand at a big deal. The company announced on Thursday that it was buying the long-suffering Foot Locker retail chain for $2.

Jefferies weighed in on the implications for Academy Sports and Outdoors (NASDAQ:ASO) of the merger between Dick's Sporting Goods (DKS) and Foot Locker. While the enhanced buying power from Nike (NKE) for Dick's (DKS) with Foot Locker (FL) in its portfolio was noted,