Foot Locker is acquiring a pair of companies in deals worth over $1 billion.
The New York footwear and clothing company said Monday that it's buying Text Trading Co., which owns and licenses Japanese retailer atmos, for $360 million. The transaction accelerates Foot Locker's Asia-Pacific expansion.
Atmos, with fiscal 2020 revenue of about $175 million, has 49 stores worldwide.
Foot Locker Inc. also announced that it's buying athletic footwear and clothing company Eurostar for $750 million.
Eurostar Inc. concentrates on Hispanic consumers, running 93 stores in California, Texas, Arizona, and Nevada. The company had approximately $425 million in fiscal 2020 revenue.
“This acquisition enhances our product mix and provides access to a customer base and store footprint that are both differentiated from and complementary to our current portfolio," Foot Locker Chairman and CEO Richard Johnson said in a statement.
Both deals are expected to close late in the third quarter.
Before you consider Foot Locker, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Foot Locker wasn't on the list.
While Foot Locker currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
