Atlanta home improvement retailer The Home Depot completed the acquisition of HD Supply Holdings, Inc. for a total company value – including net cash – of approximately $ 8 billion, according to a press release Thursday. HD Supply is a national distributor of maintenance, repair and operations (MRO) products in the multi-family and hospitality end markets. The agreement to acquire HD Supply was first announced in November 16, 2020.
“We are excited to welcome HD Supply members to The Home Depot,” Craig Menear, president and CEO of The Home Depot, said in the announcement. “The combination of the two businesses will allow us to better serve existing and new MRO customers, and I look forward to seeing the value this acquisition will bring to our associates, customers and shareholders.”
HD Supply is one of the largest wholesale distributors in North America. The company offers a wide range of value-added products and services to approximately 300,000 customers with leading positions in the residential maintenance, repair and operations sector. It operates approximately 44 distribution centers in 25 states and two Canadian provinces and has 5,500 associates.
HD Supply is also an Atlanta-based company. It opened its headquarters in Atlanta in 2018, at 3400 Cumberland Boulevard SE. O $ 100 million the headquarters was inaugurated in 2016 and houses 1,000 employees.
The offer to buy all outstanding shares of HD Supply expired at midnight, New York City time, at the end of the day on December 23, 2020. American Stock Transfer & Trust Company, LLC – the depositary and paying agent of the public offering – informed The Home Depot that, from the expiration of the public offering, a total of 127,928,897 shares had been validly offered and not validly withdrawn, representing approximately 82.9 percent of the outstanding shares. All offer conditions have been met and The Home Depot and its subsidiary Coronado Acquisition Sub Inc. accepted for payment by $ 56 per share in cash, without interest, subject to any required withholding taxes, all shares validly offered and not validly withdrawn and will pay promptly for all such shares.
After accepting the shares offered, The Home Depot concluded the acquisition of HD Supply through a merger of Coronado Acquisition Sub Inc. with and to the HD source. As a result of the merger, HD Supply became a wholly owned subsidiary of The Home Depot. In connection with the merger, all shares of HD Supply not validly offered (except shares held by The Home Depot, Coronado Acquisition Sub Inc., HD Supply, or any of their respective direct or indirect wholly owned subsidiaries and shares held by shareholders of HD Supply that perfected its legal valuation rights) was canceled and converted into the right to receive the same $ 56 cash (interest free and subject to any withholding taxes) that will be paid for all shares of HD Supply that have been validly offered and not validly withdrawn.