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Home Depot announced that it’s acquiring SRS Distribution — which sells supplies to builders, roofers, landscapers and pool contractors — in a mammoth $18.25 billion deal that includes assumed debt.

Home Depot said in a press release issued Thursday that it expects the deal to close in its 2024 fiscal year, which ends late January 2025.

The move is the home-improvement retailer’s latest and biggest deal ever to win more business from major contractors and construction firms, CNBC earlier reported.

The Atlanta-based chain — which boasts 2,000-plus locations across the US — also revealed last week that it will open four new distribution centers in Detroit, Los Angeles, San Antonio and Toronto within the first half of the year in order to drive sales from home professionals who handle bigger projects, such as extensive renovations.

Each facility averages approximately 500,000 square feet — roughly five times the size of the average Home Depot store, according to CNBC.

Home Depot chief Ted Decker described its acquisition of SRS to CNBC as a complementary accelerator to its efforts to attract more contractors, roofers and other home professionals.

He added the deal — the largest of its kind in Home Depot’s 46-year history — increases the company’s total addressable market by $50 billion, CNBC reported.

“Growing our share of wallet with the pro will fuel Home Depots next great growth chapter. SRS will help us better sell the whole project and capture a new customer we havent traditionally served,” a Home Depot spokesperson told The Post.

Texas-based SRS is owned by private-equity firms, Leonard Green & Partners and Berkshire Partners, which operate 760 branches across 47 states and a fleet of some 4,000 delivery trucks.

SRS also boasts a workforce of approximately 11,000 employees, though it wasn’t immediately clear if any layoffs will take place as a result of the acquisition.

Representatives for SRS did not immediately respond to The Post’s request for comment.

Separately on Thursday, SRS said in a news release on its website that its “senior leadership team will remain with the company to guide its ambitious growth plans.”

Under its new structure with Home Depot — which employs about 465,000 workers — SRS president and CEO Dan Tinker will report to Home Depot’s boss, Ted Decker.

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Decker told CNBC that hes confident the deal will get approved by federal regulators despite recent scrutiny around major mergers and acquisitions.

With the separate customer base, different channels, different purchase occasions, we feel good that this will go through, he said.

Even so, the acquisition is coming at a time when Home Depot is expecting slower sales trends.

Last month, the home-improvement giant said after reporting earnings that beat Wall Street’s expectations that it anticipates total sales for the year to grow only about 1%, despite fiscal 2024 including an additional week.

Though Home Depot’s revenue for the three-month period ended Jan. 28 rang in at $34.79 billion, topping the $34.64 billion expected, the 1% total sales outlook fell short of the 1.6% increase analysts predicted, according to CNBC.

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Helicopter carrying Hindu pilgrims crashes in India, killing seven people

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Helicopter carrying Hindu pilgrims crashes in India, killing seven people

A helicopter carrying Hindu pilgrims has crashed in India, killing seven people on board.

The accident happened within minutes of the helicopter taking off, officials said, on what should have been a 10-minute flight.

The helicopter was flying to Guptkashi, a prominent Hindu pilgrimage site in the Himalayas, from Kedarnath temple town in the northern Indian state of Uttarakhand.

It comes three days after an Air India flight crashed less than a minute after taking off from Ahmedabad airport in northwestern India, killing at least 270 people.

The helicopter, which was operated by private helicopter service Aryan Aviation, went down in a forested area several miles from the Kedarnath pilgrimage route at around 5.30am local time.

Officials said the crash was believed to have been caused by poor weather conditions.

Authorities say they have launched a search and rescue operation and are expected to review operational protocols for flights in the region.

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The dead include the pilot and pilgrims from the neighbouring state of Uttar Pradesh and western states of Maharashtra and Gujarat, according to officials. The bodies were badly burned in a fire that followed the crash, they said.

Smoke and debris at the crash site. Pic: Reuters
Image:
Smoke and debris at the site. Pic: Reuters

Tens of thousands of pilgrims visit Kedarnath, which is home to one of the four most sacred Hindu temple shrines, each summer. Many use helicopter services due to the difficult mountainous terrain.

Helicopter mishaps are not uncommon in the region, where sudden weather changes and high-altitude flying conditions can pose risks.

Earlier this month, a helicopter operating in the Kedarnath Valley made an emergency landing shortly after taking off on a highway due to a technical fault. The pilot was injured but all five passengers on board were unharmed.

In May, a helicopter crashed in Uttarkashi district, killing six people, including the pilot. One person survived.

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Politics

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

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Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil scraps crypto tax exemption for small traders, enforces flat 17.5% rate across all gains, including self-custody and offshore holdings.

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Sports

Ohtani blasts two HRs to halt 10-game drought

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Ohtani blasts two HRs to halt 10-game drought

LOS ANGELES — Shohei Ohtani hit two homers in an 11-5 win over the San Francisco Giants on Saturday night, emphatically ending the three-time MVP’s longest homer drought since joining the Los Angeles Dodgers.

Ohtani led off the bottom of the first with his 24th homer, hammering Landen Roupp‘s fourth pitch 419 feet deep into the right-field bleachers with an exit velocity of 110.3 mph.

The slugger had been in a 10-game homer drought since June 2, going 10-for-40 in that stretch with no RBIs, although he still had an eight-game hitting streak during his power outage.

Ohtani led off the sixth with his 25th homer, sending Tristan Beck‘s breaking ball outside the strike zone into the bleachers in right. He also moved one homer behind the Yankees’ Aaron Judge and Seattle’s Cal Raleigh for the overall major league lead.

Dodgers fans brought him home with a standing ovation as Ohtani produced his third multihomer game of the season and the 22nd of his career.

Ohtani reached base four times and scored three runs in his first four at-bats, drawing two walks to go with his two homers.

Ohtani hadn’t played in 10 straight games without hitting a homer since 2023 in the final 10 games of his six-year tenure with the Los Angeles Angels.

Ohtani had slowed down a bit over the past two weeks after he was named the NL Player of the Month for May with a formidable performance, racking up 15 homers and 28 RBIs.

The Associated Press contributed to this report.

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