Home Depot to buy U.S. Home Systems
Aug 7 (Reuters) - Home Depot Inc said Tuesday it would buy Texas-based manufacturer U.S. Home Systems Inc for about $93.4 million, or $12.50 a share, to boost its home service business.
U.S. Home Systems makes and installs remodeling and storage organization products. Kitchen cabinet refacing and countertop products account for most of the company's sales. It sells its services exclusively through Home Depot, the world's largest home improvement chain.
The deal represents a 38 percent premium over U.S. Home's Monday closing price on Nasdaq and is expected to close by the end of the calendar year, the two companies said in a joint statement.