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Home Depot Sets Big Buyback
Home Depot (HD Quote) confirmed that it will sell its wholesale-distribution division to three private-equity firms, and the retailer said it will use cash from the sale to help fund a massive share buyback.
Shares were climbing $2.17, or 5.8%, to $40.44 in after hours trading.
The Atlanta-based home-improvement giant said Tuesday it will sell its HD Supply business to private-equity firms Bain Capital, Carlyle Group and Clayton, Dubilier & Rice for $10.3 billion. The company had been seeking to sell the supply division since earlier this year as it looks to repair its sagging retail business. ...
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