Dick's Sporting Goods to draw on existing facility for Golf Galaxy purchase

By Sara Rosenberg

New York, Nov. 13 - Dick's Sporting Goods, Inc. plans on using borrowings under its existing credit facility to fund the acquisition of Golf Galaxy Inc., according to a company news release.

Under the terms of the agreement, each outstanding share of Golf Galaxy common stock will be converted into the right to receive $18.82 per share in cash, for a transaction value of about $225 million.

The transaction is anticipated to be completed after Feb. 6, 2007, subject to Hart-Scott-Rodino approval and customary closing conditions.

Dick's is a Pittsburgh-based full-line sporting goods retailer. Golf Galaxy is an Eden Prairie, Minn.-based multi-channel golf specialty retailer.

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