Roughly a month after announcing the deal, the Home Depot has completed the acquisition of GMS Inc. through SRS Distribution Inc. for a total enterprise value (including net debt) of approximately $5.5 billion. 

GMS is one of the leading distributors of specialty building products, including drywall, ceilings, steel framing and other complementary products related to remodeling and construction projects in residential and commercial end markets. The agreement to acquire GMS was previously announced on June 30, 2025.

“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,” said Ted Decker, chair, president and CEO of The Home Depot. “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 acquisition furthers The Home Depot's strategy of growing its share of wallet with professional contractors (Pros), building differentiated offerings and capabilities to serve Pros across their entire project, from large, complex jobs to smaller renovations and repairs. The Home Depot acquired SRS in 2024, with company leadership noting in Home Depot's Q2 earnings report that SRS is driving market-leading growth, accelerating organic ecosystem efforts, and driving revenue synergies.

The Home Depot anticipates GMS and SRS will serve residential and commercial Pros more holistically, including more fulfillment and service options, to enable Pros to complete their projects more efficiently. The acquisition will expand SRS’s operations with 1,200 locations, increase its sales force to more than 3,500 associates, and create a nearly 8,000-truck fleet.

The tender offer for all of the outstanding shares of GMS common stock, par value $0.01 per share, expired at one minute after 11:59 p.m. Eastern time on Sept. 3, 2025. Broadridge Corporate Issuer Solutions LLC, the depository and paying agent for the tender offer, advised The Home Depot that as of the expiration time of the tender offer, a total of 30.3 million shares had been validly tendered and not validly withdrawn pursuant to the offer, representing approximately 79.5% of the outstanding shares.

Following its acceptance of the tendered shares, The Home Depot completed the acquisition of GMS through a merger of Gold Acquisition Sub, Inc. with and into GMS. As a result of the merger, GMS became a direct subsidiary of SRS and an indirect, wholly owned subsidiary of The Home Depot.

The Home Depot outbid QXO in acquiring GMS. Home Depot’s offer followed QXO’s June 18 offer of $95.20 per share, roughly a 17% premium over GMS’s trading levels at the time.