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Home Depot Delays Deal Close

The sale of HD Supply is pushed back by a week as the sides restructure the terms.
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Home Depot

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and the private-equity buyers of its HD Supply unit have delayed the expected closing of the deal by a week as the sides work to revamp the purchase agreement.

In a

Securities and Exchange Commission

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filing, the Atlanta-based retailer said the planned closing date for the deal has been moved from Thursday to Aug. 23.

Clayton Dubilier & Rice, Carlyle Group and Bain Capital agreed to buy the supply business in June for $10.33 billion. Home Depot said last week that it was in talks to restructure the deal terms, including a potential

price cut, amid turmoil in the financing markets.

"No assurance can be given that any agreement will be reached concerning a restructuring of the proposed transaction, nor that the transaction will close," Home Depot said in Wednesday's filing.

On Tuesday, Home Depot reported a 15% drop in second-quarter earnings and warned that its planned $22.5 billion buyback

would be in jeopardy if the deal fell through.