Home Depot Completes $5.5 Billion Acquisition of GMS Inc.

MCKINNEY, Texas, Sept. 4, 2025 — The Home Depot announced the completion of its acquisition of GMS Inc. through its subsidiary SRS Distribution Inc. The deal has an enterprise value of approximately $5.5 billion, including net debt. GMS is a prominent distributor of specialty building products such as drywall, ceilings, and steel framing, serving both residential and commercial markets.

This acquisition was initially announced on June 30, 2025. Ted Decker, chair, president, and CEO of The Home Depot, expressed optimism about the merger, stating, ‘The addition of GMS further enhances SRS’s position as a leading multi-category building materials distributor… This combination will enable cross-selling synergies and strengthen our capabilities.’

The Home Depot aims to expand its offerings for professional contractors, known as ‘Pros.’ By integrating GMS’s products and services, the company intends to provide better fulfillment options, enabling contractors to complete their projects more quickly and efficiently.

As of the expiration of the tender offer on September 3, 2025, approximately 79.5% of GMS’s outstanding shares had been validly tendered. The Home Depot announced it would pay $110 per share in cash for these shares. Consequently, GMS will now function as a direct subsidiary of SRS and an indirect, wholly-owned subsidiary of The Home Depot.

The Home Depot continues to enhance its market reach through strategic acquisitions, having previously acquired SRS in 2024. With this latest merger, the company plans to serve the Pro market more holistically, offering diverse and tailored solutions.

The acquisition underscores The Home Depot’s commitment to growing share among professional contractors. By building upon GMS’s existing relationships and capabilities, the company seeks to solidify its standing as a key player in the building materials distribution sector.