The Home Depot announced it has entered into a definitive agreement to acquire HD Supply Holdings, Inc., a national distributor of maintenance, repair and operations (MRO) products in the multifamily and hospitality end markets.

"The MRO customer is highly valued by The Home Depot, and this acquisition will position the company to accelerate sales growth by better serving both existing and new customers in a highly fragmented $55 billion marketplace," said Craig Menear, chairman and CEO of The Home Depot. "HD Supply complements our existing MRO business with a robust product offering and value-added service capabilities, an experienced salesforce that enhances the strong team we have in place, as well as an extensive, MRO-specific distribution network throughout the U.S. and Canada."

Under the terms of the merger agreement, a subsidiary of The Home Depot will buy all outstanding shares of HD Supply common stock for $56 per share, for a total value (including net cash) of approximately $8 billion.

For more information, visit homedepot.com.