From CNN Money:

Dick’s Sporting Goods Agrees to Acquire Chick’s Sporting Goods

PITTSBURGH, Nov. 26: Dick’s Sporting Goods, Inc. and Chick’s Sporting Goods, a privately held corporation, have entered into a definitive stock purchase agreement whereby Dick’s will acquire Chick’s Sporting Goods. Under the terms of the agreement, Dick’s has agreed to pay approximately $40 million in cash for the outstanding equity of Chick’s. Including the assumption of approximately $31 million of indebtedness, the transaction values Chick’s at approximately $71 million, and will be financed using Dick’s existing credit facility. Chick’s shareholders have the opportunity to earn up to $5 million in additional consideration, upon satisfaction by Chick’s of certain specified performance criteria through June, 2008.

The transaction is anticipated to be completed on or before December 31, 2007.

Chick’s currently operates 15 specialty sporting goods stores in Southern California averaging ~50,000 square feet, and generated over $120 million in sales during the year ended June 30, 2007. Two additional store leases have been signed and those stores will open as Dick’s stores in 2008 and 2009.

Chicks now with Dicks, but only because of the money. Oh, and they’re both into sports.