RTTNews | Aug 2, 2021 07:17AM EDT

07:16 Monday, August 2, 2021 (RTTNews.com) - Foot Locker Inc. (FL), a New York-based specialty athletic retailer, Monday said it has entered into a definitive agreement to buy Japan's Text Trading Company, K.K., called as atmos, which owns and licenses the atmos brand, for $360 million.

The acquisition is expected to be accretive to Foot Locker's earnings per share in fiscal year 2021.

The transaction is expected to close late in the third quarter of 2021, subject to the satisfaction of customary closing conditions.

The transaction will be funded with the Company's available cash.

atmos is a Japanese digitally led retailer featuring premium sneakers and apparel, an exclusive in-house label, operating 49 stores globally, including 39 in Japan.

Following the acquisition, atmos will maintain its name, operating as a new banner in Foot Locker's portfolio.

Foot Locker expects the acquisition of atmos to accelerate its global reach with a highly strategic foothold in Japan. It generated around $175 million of revenue in fiscal year 2020, more than 60% of which was generated through digital channels.

Richard Johnson, Chairman and Chief Executive Officer of Foot Locker, said, "With atmos, we are executing against our expansion initiative in the rapidly growing Asia-Pacific market, establishing a critical entry point in Japan and benefitting from immediate scale."

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