M&A · Industrials · Wholesale-Lumber & Other Construction Materials
Home Depot, Inc. to acquire GMS Inc.
Announced Jun 30, 2025 · Closed Sep 4, 2025
Deal value$4.30BEV $5.51B
Premium—To unaffected price
EV / Adj. EBITDA11.1x1.0x EV / Revenue
ConsiderationAll cash$110.00 per share
Transaction
- Acquirer
- Home Depot, Inc. (HD)
- Target
- GMS Inc. (GMS)
- Buyer type
- Strategic
- Offer price per share
- $110.00
- Enterprise value
- $5.51B
- Status
- Closed Sep 4, 2025
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $230M · 5.3%
- Go-shop
- No-shop
- Financing
- Committed · Jefferies
Advisors
- To the acquirer
- BofA Securities, JPMorgan
- To the target
- Jefferies
- Jefferies fee
- $47.0M
Sector context · Industrials
- Comparable deals
- 91 in the prior 24 months
- Premium
- Sector median 39.0%
- EV / Adj. EBITDA
- 11.1x vs. 9.1x sector median
- Break fee
- Sector median 2.7%
Timeline
- AnnouncedJun 30, 2025
- Tender offerJul 14, 2025
- ClosedSep 4, 2025
Valuation · fairness opinions
Trading comparables$62.20$86.91
Trading comparables$63.52$92.42
Precedent transactions$78.73$104.32
Precedent transactions$92.39$118.30
Offer $110.00
Implied value per GMS Inc. share by analysis, from Jefferies.