The Home Depot has finalized its acquisition of GMS Inc. through its specialty trade distribution subsidiary, SRS Distribution Inc., for a total enterprise value of about $5.5 billion. GMS is recognized as a major distributor of specialty building products such as drywall, ceilings, steel framing, and other materials used in both residential and commercial construction and remodeling.
Ted Decker, chair, president and CEO of The Home Depot, stated: “The addition of GMS further enhances SRS’s position as a leading multi-category building materials distributor, bringing differentiated capabilities, product categories and customer relationships that are highly complementary to SRS’s business today. We want to serve the Pro across their entire project, and the combination of SRS and GMS will enable cross-selling synergies, strengthen our capabilities, and bring even more opportunities to grow with this important customer.”
The Home Depot continues to focus on expanding its services for professional contractors by offering a broader range of products and solutions. The company acquired SRS in 2024. Since then, SRS has reported strong performance and increased market share. With the integration of GMS into SRS’s operations, The Home Depot aims to provide more comprehensive service options for professionals working on various types of projects.
The tender offer for all outstanding shares of GMS common stock expired shortly after midnight Eastern time on September 3, 2025. According to Broadridge Corporate Issuer Solutions, LLC—the depository for the offer—approximately 79.5% of outstanding shares were validly tendered.
All conditions required for the completion of the transaction have been met. The Home Depot and its subsidiary Gold Acquisition Sub, Inc. accepted payment at $110 per share in cash for all validly tendered shares. After accepting these shares, The Home Depot completed the acquisition by merging Gold Acquisition Sub with GMS. As a result, GMS is now a direct subsidiary of SRS Distribution Inc., making it an indirect wholly owned subsidiary of The Home Depot.
Shares not tendered in the offer (except those held by certain excluded parties or shareholders exercising appraisal rights) have been cancelled and converted into the right to receive $110 per share in cash under the same terms as those who participated in the tender offer.
