Home Depot Inc., the largest home- improvement retailer, agreed to buy Interline Brands Inc. for about $1.63 billion in cash to bolster its offerings for professional contractors.
The acquisition is expected to be completed in the quarter that ends Nov. 1 and will add to earnings in the current fiscal year, Atlanta-based Home Depot said Wednesday in a statement.
Home Depot has sought new avenues of growth, such as online sales, after curtailing store openings. Jacksonville, Florida- based Interline markets and distributes maintenance, repair and operations products, including Barnett pro contractor supplies and Wilmar janitorial equipment.
Home Depot was little changed at $113.85 at 8:22 a.m. in early trading in New York. The shares gained 8.5 percent this year through Tuesday’s close.