Home Depot To Acquire U.S. Home Systems
HD will absorb kitchen and bath products supplier.
The Home Depot and U.S. Home Systems, Inc. ("USHS") today announced a definitive merger agreement for The Home Depot to acquire USHS.
USHS, based in Irving, Texas, is currently an exclusive provider of kitchen and bath refacing products and services as well as closet and garage organizational systems to The Home Depot.
Under the terms of the agreement, The Home Depot will acquire USHS for $12.50 per share in cash which represents an approximately 38% premium over USHS' closing price on The NASDAQ Global Market on August 6, 2012. The agreement was unanimously approved by USHS's board of directors.
The acquisition is expected to close by the end of the calendar year, and is subject to approval by USHS stockholders, applicable regulatory approval and customary closing conditions.
"The Home Depot has had a long-standing relationship with USHS. By formally bringing USHS into The Home Depot family, we expect to further enhance our customers' home service experience," said Kevin Hofmann, senior vice president-Home Services, The Home Depot.
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