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The New York Times reported on the agreement made between Home Depot and Interline Brands. Home Depot will acquire Interline Brands, a supplier of maintenance and repair products to businesses, property managers and contractors, for $1.6 billion in cash. Home Depot anticipates an increase in sales to the professional building and repair market.
“Addressing the needs of our pro customers is a top priority for the Home Depot,” Craig Menear, Home Depot chairman, chief executive and president, said in a news release. “With their seasoned leadership team, 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.”
The transaction is subject to regulatory approval and is expected to be finalized in Home Depot’s fiscal third quarter, ending on Nov. 1.