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 Cos. agreed to buy Foundation Building Materials, a North American distributor of drywall and other building products, for about $8.8 billion in cash.

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 profes