Overview

• SRS Distribution, a unit of Home Depot, has officially launched a cash tender offer to acquire all outstanding GMS shares at $110 apiece, putting the deal’s equity value at $4.3 billion and total enterprise value at about $5.5 billion.
• The $110 per share offer represents a 36% premium to GMS’s closing price before the bid became public and outbids rival QXO’s earlier $95.20 hostile proposal.
• After evaluating competing bids, GMS’s board concluded the Home Depot offer best serves shareholder interests and has formally endorsed the transaction.
• Upon completion by early 2026, the combined GMS-SRS network will stretch across more than 1,200 locations in the U.S. and Canada with a delivery fleet exceeding 8,000 trucks.
• Home Depot is advancing its strategic pivot from retail DIY to professional builders and contractors as homeowner renovation spending softens.