Home Depot Sells Business Unit for $10.3B

Jun 19, 09:13 PM

Current Headlines: Three investors Tuesday revealed a deal to buy Home Depot Inc.'s wholesale construction supply business for $10.3 billion.

Bain Capital LLC, Carlyle Group L.P. and Clayton, Dubilier & Rice Inc. each will have a one-third stake in the business, The Wall Street Journal reported.

The firms said acquisition is subject to regulatory reviews and is expected to close in the third quarter.

Atlanta-based Home Depot, the country's largest home-improvement retailer by sales, said it wanted to sell the division so it could reinvigorate customer service, morale and sales at its chain of more than 2,100 retail stores.