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.

Key Takeaways Nike is expected to benefit from Dick's Sporting Goods acquiring Foot Locker, a deal announced Thursday morning.After the deal, Nike is expected to represent about 30% to 35% of Dick's and Foot Locker's combined sales.

The $2.4B  buyout of Foot Locker (NYSE:FL) by DICK’s Sporting Goods (NYSE:DKS) has the potential to reshape the sporting goods retail space in the U.S. as DICK’s (NYSE:DKS) can now capture the below-average income consumer,