Finish Line to acquire Genesco for $1.5 billion in cash

(Reuters) - Finish Line Inc. (FINL.O) said it agreed to acquire Genesco Inc. (GCO.N) for $54.50 per share, or about $1.5 billion, in cash to enhance its footwear and apparel portfolio.

The deal, expected to be completed in fall 2007, would add to Finish Line's net income in the first full year after closing, the athletic shoe and apparel retailer said in a statement.

The deal is expected to generate about $15 million to $20 million in annual cost savings beginning in the first full year of operations, the company added.