Home Depot Buys Home Mart of Mexico

Home Depot Inc. agreed to buy its closest competitor in Mexico, Home Mart, to accelerate international expansion as the U.S. becomes saturated with stores. Terms weren’t disclosed.

The purchase of the 20-store chain almost doubles to 39 the number of Home Depot locations in Mexico, where consumers spend $15 billion a year on home renovation, the Atlanta-based company said.

Closely held Home Mart has 10 stores in Mexico City, which has a population of about 23 million.

Including the 20 Home Mart stores, Home Depot will add 185 stores worldwide this year.

Shares of Home Depot, which has 1,741 stores, rose 19 cents to $33.72 on the NYSE.