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WASHINGTON: North American hardware retailer The Home Depot on Monday announced plans to re-acquire wholesaler HD Supply Holdings in an $8 billion deal set to close early next year. The announcement comes ahead of The Home Depot's third-quarter earnings release on Tuesday.

The company's profits surged 24.5 percent in the second quarter to $4.3 billion as consumers, home-bound during the coronavirus pandemic and assisted by US government stimulus payments, invested in improvements to their properties.

Wholesale distributor HD supply operates distribution centers in the United States and Canada, and was formerly a unit of The Home Depot before being sold in 2007.

"This acquisition will position the company to accelerate sales growth by better serving both existing and new customers in a highly fragmented $55 billion marketplace," said CEO Craig Menear said in a statement.

Under the deal's terms, The Home Depot will purchase all of HD Supply's stock for $56 a share by raising new debt and using cash on hand, with the sale set to be finalized at the end of the company's fiscal quarter finishing on January 31, according to the statement.

"We're thrilled that our associates are joining the Home Depot team and that our customers will be able to benefit from a broader product assortment, expanded delivery options and enhanced services nationally," HD Supply's chief Joe DeAngelo said.