Home Depot, acquires Interline Brands, Inc., a national distributor and direct marketer of broad-line maintenance, repair and operations (MRO) products, for $1.625 billion in cash, subject to customary adjustments.
Home Depot just made its biggest acquisition in nearly a decade.
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The acquisition, which has been approved by the shareholders of Interline, is expected to be completed during The Home Depot’s fiscal third quarter, which ends on November 1, 2015.
Home Depot’s shares were marginally up at $114.27 in premarket trading on Wednesday.
“We will enhance our ability to serve the Pro – both in the store and at any desired location outside of the store – driving significant value for our customers and shareholders.” said Craig Menear, chairman, CEO and president of The Home Depot.
Interline brings an experienced outside sales force, fulfillment capabilities in the residential MRO market, and an extensive distribution network of more than 90 locations throughout the U.S., Canada and Puerto Rico.
The Home Depot’s financial advisor for this transaction is BofA Merrill Lynch and the company’s legal advisor is Cleary Gottlieb Steen & Hamilton LLP.
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