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ATLANTA (AP) - The Home Depot Inc. said Tuesday it will sell its wholesale distribution business to a group of private equity firms for $10.3 billion over the objection of some shareholders.
The board of the world's largest home improvement store chain approved the sale of Home Depot Supply to Bain Capital Partners, The Carlyle Group, and Clayton, Dubilier & Rice, ridding the company of a unit that former CEO Bob Nardelli saw as a big opportunity for growth.
The board also authorized a $22.5 billion increase in the company's share repurchase program.
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