Home Depot Inc., one of the world's largest home-improvement retailers, made its biggest acquisition recently, agreeing to purchase Hughes Supply Inc., a leading distributor of HVAC, construction, repair, and maintenance products. According to Home Depot, the total cost is $3.47 billion, including the payment of $46.50 per outstanding share and the assumption of $285 million in net debt.
"By acquiring Hughes Supply, a company with a long and established reputation for excellence and service, we continue to execute our growth strategy laid out five years ago to enhance our retail business, extend our business into adjacent areas, and expand into new markets," said Bob Nardelli, chairman, president, and CEO of The Home Depot.