Home Depot Agrees to Lower Price for Supply Arm
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Sunday, August 26, 2007; 7:34 PM
Home Depot has reached a deal with a consortium of private-equity firms headed by Carlyle Group to sell its supply arm, HD Supply, for $8.5 billion, down from its original price of $10.3 billion, according to sources close to the negotiations.
The deal was reached Sunday after weekend-long negotiations between District-based Carlyle Group, Home Depot and several banks, according to sources who spoke on condition of anonymity because they were not authorized to comment publicly.
Home Depot, the world's largest home-improvement store chain, had said last week that it was talking with the buyers about restructuring the agreement, which was expected to result in a lower price because of recent turmoil that has gripped the credit markets since the deal's announcement in June.
