Home Depot Inc., the nation’s largest home improvement store chain, said Tuesday it will buy Hughes Supply Inc., a distributor of construction, repair and maintenance products, for about $3.2 billion.
The deal would double the size of the Home Depot Supply division, which serves business customers, such as homebuilders, professional contractors, municipalities and maintenance professionals. Home Depot said it will pay $46.50 per outstanding share for Hughes Supply, a premium of nearly 21 percent over Hughes’ closing price Monday of $38.55. In addition. Home Depot will assume $285 million in net debt as part of the deal.
