Home Depot delays close of HD Supply sale

Home Depot announced in an SEC filing Today that it has entered into an agreement with Pro Acquisition Corp., an affiliate of Clayton Dubilier & Rice, Carlyle Group and Bain Capital to move the closing date for the purchase of Home Depot's HD Supply business from Aug. 16 to Aug. 23. Home Depot said in the filing that "no assurance can be given that any agreement will be reached concerning a restructuring of the proposed transaction, nor that the transaction will close."

On June 19 the Company had entered into a purchase and sale agreement with Pro Acquisition Corp. and Bain Capital, providing for the purchaser to acquire all of the capital stock of HD Supply and CND Holdings.

On Aug. 9, The Home Depot announced that it was in discussions with affiliates of Bain Capital Partners, The Carlyle Group and Clayton, Dubilier & Rice for the purpose of restructuring the previously announced agreement for the sale of HD Supply. These discussions could result, among other things, in material changes to the terms and financing of the transaction, including a reduction in the $10.325 billion purchase price.