Lowe’s Companies Inc. announced on Aug. 20 it entered into a definitive agreement to buy a Santa Ana-based distributor of ceiling systems, commercial doors, drywall and metal framing for $8.8 billion.
The deal to buy Foundation Building Materials Inc. would help Lowe’s create more opportunities for its “Pro” customers who are on the market for large residential and commercial products.
The agreement was announced on an Aug. 20 Lowe’s earnings call.
Lowe’s, in a company statement, confirmed it secured $9 billion in bridge financing from Bank of America N.A. and Goldman Sachs & Co. LLC to complete the deal.
Marvin R. Ellison, Lowe’s chief executive, said the move to buy FBM would advance the home improvement company’s Total Home strategy and enhance long-term shareholder value.
