Home Depot Is Spending $8 Billion to Acquire HD Supply

Home Depot (NYSE: HD) has found a use for its growing pile of cash. The home improvement giant announced on Monday that it is acquiring HD Supply Holdings (NASDAQ: HDS) for $8 billion, or $56 per share. The stock closed at $45 on the previous trading day.

The move will boost Home Depot's presence in the maintenance, repair, and operations niche. HD Supply counted 500,000 customers in that segment by late 2019, which supported annual sales of $6.1 billion.

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Source Fool.com