COBB COUNTY, Ga. — The Home Depot announced Friday that the Canadian Competition Bureau (CCB) had approved their merger with GMS, a building supply company.
According to the company, Home Depot will purchase GMS through its wholly-owned subsidiary, Gold Acquisitions Sub, Inc.
Additionally, the merger will be paid for via purchase of GMS common stock for $110 per share in cash, interest-free and subject to tax.
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The NASDAQ reports that GMS Inc. has more than 38 million shares, meaning the purchase price for Home Depot’s merger is roughly $4.18 billion.
The CCB said the June 29 merger offer had been approved, with antitrust law conditions met by Home Depot to move forward.
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“The Home Depot acquired SRS as a platform for growth, and SRS continues to demonstrate exceptional execution and strong performance,” Ted Decker, chair, president and CEO of The Home Depot, said when the merger was first announced. “In our first year of working together, we’ve captured significant synergies, including cross-selling new products and service offerings to both Home Depot and SRS customers, advancing Home Depot’s enterprise trade credit program through the SRS platform, and many other initiatives designed to drive the customer value proposition and operational efficiency.”
On Aug. 21, Home Depot said the U.S. Department of Justice Antitrust Division had granted the company an early termination of a required waiting period. Four days later, Home Depot made a tender offer to GMS for the merger.
The offer expires on Sept. 3, at midnight unless further extended or canceled, Home Depot officials said.
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