Home Depot is buying GMS for about $4.3 billion as retailer chases more home pros
Shares of Home Depot rose slightly in early trading Monday. GMS shares jumped more than 11%.
As part of the deal, the Home Depot-owned subsidiary SRS Distribution will buy all outstanding shares of GMS for $110 per share, which adds up to about $4.3 billion and amounts to total enterprise value including net debt of about $5.5 billion, the company said.
Home Depot said it expects the acquisition to be completed by early 2026.
Home Depot's announcement also concludes a potential bidding war between the big-box retailer and billionaire Brad Jacobs. Jacobs' building-products distributor QXO had offered about $5 billion in cash to acquire GMS and said it would press forward with a hostile takeover if the company's management rejected the proposal.
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