HD Supply goes to investment consortium

Home Depot, the world's biggest DIY retailer, is selling its HD Supply wholesale division for US $ 10.3 bn (? 7.7 bn) to a group of private equity firms, Bain Capital Partners, Carlyle Group and Clayton Dubilier & Rice. The transaction is expected to be completed by the end of the third quarter. This is in accordance with the announcement in February 2007 that Home Depot was intending to hive off its wholesale division in order to concentrate harder on its core business. CEO John Blake announced that the company was going to invest more than US $ 2 bn (? 1.5 bn) in its DIY and home improvement stores this year.