Home Depot plans huge stock buy back, sells supply unit |
| CNNMoney.com - Jun 20, 2007 |
Home improvement retailer Home Depot Inc. said it would sell its supply division to three private equity firms for $10.3 billion as it refocuses on its core retail business and it would repurchase $22.5 billion in stock.
The sale of HD Supply to Bain Capital Partners, Carlyle Group and Clayton, Dubilier & Rice unloads a business built up by the home improvement retailer's former chief executive.
Shares of Home Depot rose 3.5 percent to $39.60 in after-hours trading on news the company would repurchase $22.5 billion in stock, or nearly one-third its total market capitalization of $74.9 billion, "as soon as practical."
The stock buyback will be funded from proceeds from the sale of HD Supply, existing cash, and new debt, the company said.
Read Full Article from CNNMoney.com
- Posted: 2007-06-20 10:17:03
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
