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$18.25B deal: Home Depot will buy SRS Distribution, a materials provider for professionals, in a deal valued at approximately $18.25 billion including debt. It is Home Depot’s largest acquisition in its history and with it, it steps more aggressively into the fast growing professional builder and contractor business. Read more from The Associated Press.
Wealth at $44.6 trillion: The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter. All of the gains came from stock holdings thanks to an end-of-year rally. Read more from CNBC.
25-year sentence: Sam Bankman-Fried was sentenced to 25 years in prison by a judge on Thursday for stealing $8 billion from customers of the now-bankrupt FTX cryptocurrency exchange he founded. A jury found Bankman-Fried, 32, guilty on Nov. 2 on seven fraud and conspiracy counts stemming from FTX’s 2022 collapse in what prosecutors have called one of the biggest financial frauds in U.S. history. Read more from Reuters.
Editor’s note: Daily Report will not be published on Friday, March 29. Daily Report will return Monday, April 1. Have a safe and happy holiday.
