Home Depot announced today that the U.S. Department of Justice (DOJ) has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, clearing the way for the home improvement retailer’s $5.5 billion acquisition of GMS Inc.
The early DOJ clearance comes a day before the expiration of Home Depot’s cash tender offer for GMS shares, allowing the company to proceed with the transaction without delay. Under the previously announced merger agreement, Home Depot will acquire GMS for $110 per share through a tender offer for all outstanding common stock.
“The termination of the waiting period under the Hart-Scott-Rodino Act satisfies one of the key conditions required to consummate the tender offer and the associated transactions,” Home Depot said in a statement.
GMS, a leading distributor of drywall, ceilings, steel framing, and complementary building products, will be integrated with Home Depot’s trade distribution subsidiary, SRS Distribution Inc., furthering SRS’s goal of becoming a multi-category building materials leader. The combined network will encompass over 1,200 locations and 8,000 trucks, enhancing service and fulfillment options for both residential and commercial Pro customers.
Dan Tinker, CEO of SRS, stated, “The combination of GMS and SRS will provide the residential and commercial Pro customer with more fulfillment and service options than ever before.”
Home Depot previously acquired SRS in March 2024 for $18.25 billion, strengthening its position as a leading specialty trade distributor in roofing, landscaping, and pool supplies. The GMS acquisition, valued at $4.3 billion or approximately $5.5 billion including debt, represents a strategic expansion of Home Depot’s trade distribution footprint.
The cash tender offer for GMS shares is scheduled to expire at one minute after 11:59 p.m. Eastern Time on Friday, August 22, 2025, unless extended or earlier terminated under the terms of the merger agreement and SEC regulations.
