The Home Depot announced in January plans to purchase publicly traded Hughes Supply in a deal worth $3.47 billion, including the payment of $46.50 per outstanding share and the assumption of $285 million in net debt. The deal had been the subject of speculation for months throughout the distribution industry, and will more than double the size of Home Depot's Home Depot Supply division, which serves professional contractors, municipalities and maintenance professionals. The company projects combined 2006 sales approaching $12 billion. The acquisition is in line with Home Depot's plan to expand beyond its core retail business, and came as no surprise to industry watchers.
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