ATLANTA—Dick’s Sporting Goods will soon have a strong footprint in the Southern California market. The Pittsburgh, Pa.-based retailer has entered into a definitive stock purchase agreement to acquire Chick’s Sporting Goods, which is based in Covina, Calif. Under terms of the agreement, Dick’s will pay approximately $40 in cash for the outstanding equity of Chick’s. Including the assumption of about $31 million of debt, the deal values Chick’s at approximately $71 million. Dick’s expects to complete the transaction on or before Dec. 31, 2007.
“Chick’s Sporting Goods is well-positioned in several important Southern California markets,” said Edward W. Stack, chairman and CEO of Dick’s. “This acquisition provides [Dick’s] with an immediate presence and market share in Southern California.”
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