GMS Inc. announced it has entered into a definitive agreement to be acquired by SRS Distribution, a specialty trade distribution subsidiary of The Home Depot. Under the terms, SRS will launch a tender offer to acquire all outstanding GMS common stock for $110.00 per share in cash. This transaction represents a total equity value of approximately $4.3 billion and a total enterprise value, including net debt, of approximately $5.5 billion.
The $110.00 per-share consideration represents a premium of approximately 36% to GMS’s unaffected share price as of June 18, 2025. GMS President and CEO John C. Turner Jr. and the senior leadership team will continue to lead GMS as part of the SRS organization. The acquisition is expected to close by the end of Home Depot’s current fiscal year, January 31, 2026, subject to customary closing conditions and regulatory approvals.
This agreement concludes a potential bidding war for GMS, as it follows an earlier unsolicited proposal from QXO, Inc. for $95.20 per share. The combination of GMS and SRS is expected to create a network of over 1,200 locations and a fleet of more than 8,000 trucks, broadening offerings for professional contractors.
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