Dick's Sporting Goods to use existing credit facility for Chick's purchase

By Sara Rosenberg

New York, Nov. 26 - Dick's Sporting Goods Inc. plans to use its existing credit facility to fund the acquisition of Chick's Sporting Goods, according to a news release.

Under the terms of the agreement, Dick's has agreed to pay about $40 million in cash for the outstanding equity of Chick's. Including the assumption of about $31 million of debt, the transaction values Chick's at about $71 million.

The transaction is anticipated to be completed on or before Dec. 31.

Dick's is a Pittsburgh-based sporting goods retailer.

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