The Home Depot , the world's largest home improvement retailer, announced Wednesday that is has signed an agreement to acquire Chinese home improvement retailer The Home Way.
The deal has already received the necessary approval from the Chinese government and is expected to close by the end of the year. Terms of the deal were not disclosed.
"This acquisition provides us with a great point of entry in one of the world's largest and fastest-growing home improvement markets," Home Depot Chief Executive Bob Nardelli said in a news release. "The Home Way is a strong brand that is already established as a value and price leader among Chinese consumers."
The acquisition is part of an effort by Home Depot to expand into China. The Home Way gives Atlanta-based Home Depot an immediate retail presence of 12 stores in six Chinese cities.