Foot Locker Completes Eurostar Acquisition; Appoints Anthony Aversa As COO Of WSS

The New York-headquartered Foot Locker, Inc. (FL), a specialty athletic retailer, on Monday announced that it has completed the acquisition of Eurostar, Inc. (WSS), an athletic footwear and apparel retailer, for $750 million in an all-cash transaction deal.

Foot Locker has also announced the appointment of Anthony Aversa to Chief Operating Officer of WSS, with immediate effect.

Aversa will report directly to Rick Mina, Senior Vice President & General Manager of WSS, and oversee the brand's market planning, real estate, and customer experience functions. He was previously the Vice President, Customer Experience of Foot Locker North America.

As announced earlier, Foot Locker expects WSS to generate low double-digit sales growth annually and low double-digits to mid-teens EBITDA margins over the next five years and be accretive to earnings per share in the fiscal year 2021.

WSS is expected to maintain its name and operate as a new brand within Foot Locker's portfolio.

The company also projects that the acquisitions of WSS and atmos combined are expected to be accretive to earnings per share in the range of $0.44 - $0.48 in 2022.

Evercore served as financial advisor to Foot Locker, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor for Foot Locker.

RW Baird served as financial advisor to WSS, and Manatt, Phelps, and Phillips, LLP served as its legal advisor.

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