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Home Depot Agrees to Buy Hughes Supply, for $3.47bln
Stock Option Trading By Freddie Mooche
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Currency Day Trading (AXcess News) New York - Home Depot (NYSE: HD), already the world's largest home improvement store chain, has agreed to buy rival home improvement store, Hughes Supply, Inc. (NYSE: HUG)in a deal valued at $3.47 billion. The agreement to buy Hughes Supply pushed Hughes' shares up over 18% in mid-day trading in New York.
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Financial Software Trading Hughes Supply Inc., a distributor of construction, repair and maintenance products, is headquartered in Orlando, Florida and has 500 home improvement stores located across 40 states.
The new online store, found at www.stamps. store or by clicking the "Buy Supplies" tab when using the Internet Postage service, will make Office Depot's selection of products and services available to Stamps.com's customer base of more than a quarter of a million users. Additionally, Office Depot and Stamps.com will develop marketing programs intended to educate small businesses, small offices and home offices (SOHOs) on the benefits of using the Stamps.com Internet Postage service, which allows users to purchase and print postage directly over the Internet.
Online Stock Trading Company Yesterday, Home Depot announced it had bought Chem-Dry, a carpet and upholstery cleaning provider, for undisclosed terms.
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Forex Day Trading Home Depot said it will pay $46.50 per outstanding share for Hughes Supply, a premium of nearly 21 percent over Hughes' closing price Monday. In addition. Home Depot will assume $285 million in net debt as part of the deal.
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Financial In Market The offer sent Hughes Supply's shares soaring to reach $45.54, an increase of $6.99, or 18.14%, by 12:15pm EST Tuesday.
Stock Trading System Home Depot chief executive Bob Nardelli, who was brought aboard several years ago to turn Home Depot around has done just that and now Nardelli's expanding the company through more strategic acquisitions through the Hughes Supply and Chem-Dry purchases.
Day Trading Stock Tip "By acquiring Hughes Supply we continue to execute our growth strategy laid out five years ago to enhance our core retail business," said Nardelli.
Financial Forex Forex Software Home Depot said it expects to show a profit this year from the Hughes Supply acquisition. Funding is being provided through $4 billion in cash on-hand and debt from a shelf registration.
Stock Market Trading Home Depot shares were up $1.08, or 2.65%, at $41.90 in mid-day trading in New York after hitting a high of $42.49 earlier in the day.
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