LAWFUEL – The Law News Network – Cleary Gottlieb is representing Home Depot in its acquisition of Hughes Supply for $3.5 billion. The merger marks the largest-ever transaction in the wholesale supply sector and Home Depot’s largest acquisition to-date, surpassing last year’s acquisition of National Waterworks on which Cleary also advised. The transaction is subject to regulatory clearance and approval by the stockholders of Hughes.
Founded in 1978, Home Depot is the world’s largest home improvement specialty retailer and the second largest retailer in the United States, with fiscal 2004 sales of $73.1 billion. Hughes, founded in 1928, is one of the nation’s largest diversified wholesale distributors of construction, repair and maintenance-related products, with more than 500 locations in 40 states. The addition of Hughes more than doubles the size of Home Depot Supply with projected 2006 combined sales approaching $12 billion.