Lowe’s is acquiring Foundation Building Materials for $8.8 billion to focus on professional builders. FBM offers various products like drywall and insulation to 40,000 professional customers in the US and Canada. This move follows Lowe’s recent purchase of Artisan Design Group for $1.3 billion.

Home Depot bought GMS for $4.3 billion, another distributor of specialty building products like drywall and steel framing. This follows Home Depot’s acquisition of SRS Distribution last year for over $18 billion. Lowe’s deal for FBM is expected to close in the fourth quarter.

Lowe’s reported a second-quarter adjusted profit of $4.33 per share, exceeding analyst expectations. Revenue reached $23.96 billion, meeting Wall Street’s expectations. The company raised its full-year sales outlook to $84.5 billion to $85.5 billion, up from the previous range of $83.5 billion to $84.5 billion. Stock rose nearly 3%.

Read more at Yahoo Finance: Lowe’s buying Foundation Building Materials for about $8.8B as it intensifies focus on pro builders