Home Depot buying Interline for $1.63 billion to bolster offerings for professional customers

MarketsAssociated Press

The Home Depot Inc. is buying Interline Brands Inc., which distributes maintenance and repair products, for just under $1.63 billion in cash.

The deal is expected to close by November and to add to Home Depot's earnings in the current financial year.

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Jacksonville, Florida-based Interline is a national distributor and direct marketer of maintenance and repair products. The company serves more than 175,000 customer locations.

Atlanta-based Home Depot said the purchase will help address the needs of the home-improvement retailer's professional customers.