Walmart, Home Depot and Lowe’s have teamed up to buy Eagle Retail Inc. for $5.2 billion.
The deal, which also includes the retailer’s flagship department store and online stores, marks the second time that the three companies have purchased Eagle.
The purchase is expected to close early next year.
The acquisition will bring Eagle’s total value to $20 billion.
The company’s business has grown dramatically in recent years, and the company’s market share has grown in recent months.
Eagle, founded in 1980, has been an industry leader in online retail since the 1980s.
It sells more than $8 billion worth of online and in-store merchandise per year, and it has over 300 stores worldwide.CEO and founder Brian C. Ehrlich, who is retiring after 25 years, said in a statement the deal brings Eagle “more visibility and greater scale than ever before.
The company’s leadership team has more than 30 years of experience in the retail industry and the transaction reflects that,” said Ehrich.
Eagle’s sales grew 26% in the third quarter, and its profit rose 26%.
It also has more stores in the U.S. than any other retail company.
In addition to Eagle, Walmart is acquiring the online marketplace Snap Inc., the retailer-owned digital store platform Amazon.com Inc., and its online retail arm Target.
The deal is expected close later this year.
Walmart also will acquire the digital store services provider, Amazon Fresh, in addition to its $200 million acquisition of AmazonFresh in 2017.
The companies said in their announcement that Eagle is also expanding its e-commerce and digital storefronts.
They expect that Eagle will have more than 1,000 stores worldwide by the end of 2021.