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HD Supply to Sell Hardware Unit to Home Depot

HD Supply CEO: Deal represents companies' "long-standing and natural partnership."

HD Supply (NASDAQ: HDS), Atlanta, GA, will sell its hardware unit HD Supply Hardware Solutions to The Home Depot (NYSE: HD), Atlanta, GA. Terms of the deal were not disclosed.

Formerly known as Crown Bolt, HD Supply Hardware Solutions is a distributor of fasteners and builders hardware to retailers throughout the U.S. The transaction is expected to close by the end of fiscal year 2014 subject to obtaining customary regulatory approvals.

“After a detailed evaluation, we determined that selling our Hardware Solutions business is in the best interests of our associates and HD Supply shareholders,” Joe DeAngelo, CEO of HD Supply, said in a release. “HD Supply Hardware Solutions and The Home Depot have a long-standing and natural partnership. The Home Depot is Hardware Solutions’ largest customer and accounts for approximately 98 percent of its annual sales.”

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