HD Supply sells Waterworks business division
HD Supply said it entered into a definitive agreement to sell its Waterworks Business Unit to Clayton, Dubilier & Rice for a purchase price of $2.5 billion in cash. The transaction is expected to close in HD Supply's third fiscal quarter of 2017.
Joe DeAngelo, HD Supply Chairman, President & CEO said, “We determined that a sale of our Waterworks business unit to Clayton, Dubilier & Rice is in the best interests of our Waterworks associates and HD Supply stockholders.”
In related news, HD Supply Holdings announced first quarter net profit of $85 million or $0.42 per share compared to loss of $14 million or $0.07 per share last year. On an adjusted basis, earnings were $127 million. Or $0.63 per share.
Net sales for the quarter increased to $1.873 billion from $1.781 billion last year.