Lowe's Cos said on Wednesday it has agreed to buy interior building products distributor Foundation Building Materials for nearly $8.8 billion, stepping up its expansion into the business that serves contractors and builders.

Lowe's has announced an $8.8-billion acquisition of Foundation Building Materials, a major distributor of interior building products for commercial and residential construction.

Lowe's is buying Foundation Building Materials, a distributor of drywall, insulation and other products, for approximately $8.8 billion as the home improvement retailer intensifies its focus on professional builders.