Home Depot To Buy Interline Brands For $1.625 Bln In Cash - Quick Facts

(RTTNews) - Home Depot Inc. (HD) said Wednesday that it agreed to acquire Jacksonville, Fla.-based Interline Brands Inc., national distributor and direct marketer of broad-line maintenance, repair and operations or MRO products, for $1.625 billion in cash, subject to customary adjustments.

The acquisition has been approved by the shareholders of Interline. It is expected to be completed during The Home Depot's fiscal third quarter, which ends on November 1, 2015. The deal is subject to applicable regulatory approval and other customary closing conditions.

The transaction is expected to be accretive to The Home Depot's earnings in fiscal 2015. The company will provide an update to its fiscal 2015 sales and diluted earnings-per-share growth guidance to include the impact of this transaction when it reports its second quarter financial results on August 18, 2015.

The Home Depot also announced that Bill Lennie, president, The Home Depot Canada, has been named EVP, Outside Sales and Service. In this newly created post, Lennie will be responsible for leading The Home Depot's Pro, MRO and installation services business, including the integration of Interline.

Lennie will continue to lead The Home Depot Canada until a successor is named.