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Dick's to Acquire Golf Galaxy

PITTSBURGH-With $225M deal closes, growth plans remain intact, says company in Q3 conference call.

By Debra Hazel | Updated on November 13, 2006

PITTSBURGH—Dick’s Sporting Goods capped a successful third quarter by announcing plans to acquire Golf Galaxy, a major competitor in the golf segment, and continue its expansion plans, executives said at the company’s third quarter conference call.

Dick’s will acquire the Eden Prairie, Minn.-based specialty chain for $18.82, and will continue to operate it separately. When the $225 million deal closes, expected to be in early 2007, Golf Galaxy will add its 61 stores, e-commerce sites and catalog sales to Dick’s 294 units. Dick’s also will continue to sell golf-related items.

“We wouldn’t cannibalize each other any more than if we had remained independent,” said Edward W. Stack, chairman and chief executive officer. Prior to the deal, Golf Galaxy had announced plans for new store openings in the mid-teens for 2007. Those plans remain intact, Stack said.

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