US building materials supplier GMS announced on Monday that it has signed a definitive agreement to be acquired by SRS Distribution, a subsidiary of Home Depot, based on an enterprise value of approximately $5.5bn, including debt.

Under the terms of the agreement, SRS will launch a tender offer for all outstanding shares of GMS at a price of $110 per share, representing a premium of 36% over the closing price on 18 June, the date before the transaction's first rumors.

The acquisition will enable SRS to expand its portfolio of products for building professionals by adding the wall panels, ceilings and metal framing distributed by GMS.

Founded in 1971, GMS operates a network of approximately 320 distribution centers and approximately 100 tool sales, rental and maintenance centers in the United States and Canada.

GMS CEO John C. Turner Jr. and the current management team will remain with the SRS organization.

The transaction is expected to close by the end of Home Depot's current fiscal year, i.e., before January 31, 2026.


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