Home Depot receives Canadian antitrust clearance for GMS acquisition.

Home Depot has received approval from Canada's Competition Bureau in the form of a no-action letter for its previously announced public offer to acquire all outstanding shares of GMS at $110.00 per share. The no-action letter fulfills the remaining antitrust condition required for the completion of the public offer and related transactions under the previously announced merger agreement.

Home Depot, Inc. (HD) has received a significant milestone in its acquisition of GMS, a specialty building products distributor. The Canadian Competition Bureau has issued a no-action letter, clearing the way for Home Depot's tender offer to proceed [1].

The tender offer, initially set to expire on August 22, 2025, has been extended to September 3, 2025. Home Depot is offering to purchase all outstanding shares of GMS at $110.00 per share in cash [2]. This offer is part of the previously announced merger agreement, dated June 29, 2025, which includes conditions related to antitrust laws and regulatory approvals.

The no-action letter from the Canadian Competition Bureau fulfills the remaining antitrust condition necessary for the consummation of the tender offer and related transactions under the merger agreement. This approval is a crucial step towards finalizing the acquisition, which is subject to other conditions, including the expiration or termination of the applicable waiting period under the Canadian Competition Act and the tender of a majority of the shares then outstanding [2].

Home Depot, through its subsidiary Gold Acquisition Sub, Inc., had agreed to acquire GMS by way of a tender offer. As of August 22, 2025, approximately 29,310,000 shares had been validly tendered, representing approximately 77% of the outstanding shares [2]. Stockholders who have already tendered their shares do not need to retender such shares or take any other action as a result of the extension of the tender offer [2].

The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index. The company employs over 470,000 associates and operates more than 2,353 retail stores, over 800 branches, and more than 325 distribution centers across various locations, including the United States, Canada, Mexico, and Puerto Rico [2].

The acquisition of GMS is expected to enhance Home Depot's product offerings and market presence in the specialty building products sector. However, the deal is subject to various risks and uncertainties, including the possibility of the acquisition not closing on the anticipated timeframe or at all, and the ability to realize the expected benefits from the proposed transaction [2].

References:
[1] https://www.nasdaq.com/articles/home-depot-gets-clearance-canadian-competition-bureau-acquisition-gms
[2] https://ir.homedepot.com/news-releases/2025/08-25-2025-131524313