Retailer Dick’s Sporting Goods announced last week it is acquiring competitor Foot Locker for an estimated $2.4 billion. Foot Locker currently operates approximately 2,400 retail stores across 20 countries in North America, Europe, Asia, Australia and New Zealand. Last year, Foot Locker reported global sales of $8 billion.

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.