The Home Depot Inc (NYSE: HD) said on Tuesday that it had finalized the acquisition of SRS Distribution Inc for a total enterprise value of nearly $18.25 billion.
The acquisition is expected to expand Home Depot’s total addressable market to about $1 trillion.
The combination of the two businesses is to speed up Home Depot’s growth with the residential professional clientele.
“SRS is an excellent fit for The Home Depot – it’s both complementary and additive to our growth,” Ted Decker, Chairman, President and CEO, said in a press release.
“Their ability to quickly build leadership positions in each of their specialty trade verticals is a testament to the team’s strong vision, leadership, culture and execution. SRS’s outstanding customer service, capabilities, and expertise will help us drive value for our customers, associates and shareholders, and we’re excited to welcome the SRS team to The Home Depot.”
Stock Performance
The shares of The Home Depot Inc (HD) closed 1.25% ($4.37) higher at $353.87 in New York on Tuesday, as they extended the gain from the previous market session.
It has been the stock’s highest closing price since April 9th.
The company’s total market cap now stands at $350.902 billion.
The shares of The Home Depot Inc (HD) went up 9.72% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 2.11% so far this year.
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