Home Depot has announced the largest acquisition in its history. The company will buy SRS Distribution, a materials provider for professionals, in a deal valued at approximately $18.25 billion, the AP reports. With the deal, Home Depot steps more aggressively into the fast growing professional builder and contractor business. SRS provides materials for professionals like roofers, landscapers, and pool contractors. Home Depot has stepped up its focus on "pro customers" amid sagging demand from do-it-yourself customers who have paused major renovation projects because of inflation, reports Reuters.
- Home Depot is making a big bet on a housing market that is suffering a severe lack of new homes, which has driven prices sky high. The median sales price for new homes in the US has climbed 29.4% over the past five years. In the fourth quarter, the median sales prices totaled $417,700, according to data from the Federal Reserve Bank of St. Louis.