diff --git a/changelog.d/2925.change.rst b/changelog.d/2925.change.rst
new file mode 100644
index 0000000000..c28f29cd1e
--- /dev/null
+++ b/changelog.d/2925.change.rst
@@ -0,0 +1 @@
+Merge with pypa/distutils@92082ee42c including introduction of deprecation warning on Version classes.
diff --git a/setuptools/_distutils/command/build_ext.py b/setuptools/_distutils/command/build_ext.py
index 22628baf90..181671bf19 100644
--- a/setuptools/_distutils/command/build_ext.py
+++ b/setuptools/_distutils/command/build_ext.py
@@ -202,9 +202,7 @@ def finalize_options(self):
             # Append the source distribution include and library directories,
             # this allows distutils on windows to work in the source tree
             self.include_dirs.append(os.path.dirname(get_config_h_filename()))
-            _sys_home = getattr(sys, '_home', None)
-            if _sys_home:
-                self.library_dirs.append(_sys_home)
+            self.library_dirs.append(sys.base_exec_prefix)
 
             # Use the .lib files for the correct architecture
             if self.plat_name == 'win32':
diff --git a/setuptools/_distutils/cygwinccompiler.py b/setuptools/_distutils/cygwinccompiler.py
index f80ca62287..ad6cc44b08 100644
--- a/setuptools/_distutils/cygwinccompiler.py
+++ b/setuptools/_distutils/cygwinccompiler.py
@@ -53,6 +53,7 @@
 from subprocess import Popen, PIPE, check_output
 import re
 
+import distutils.version
 from distutils.unixccompiler import UnixCCompiler
 from distutils.file_util import write_file
 from distutils.errors import (DistutilsExecError, CCompilerError,
@@ -405,9 +406,10 @@ def _find_exe_version(cmd):
     result = RE_VERSION.search(out_string)
     if result is None:
         return None
-    # LooseVersion works with strings
-    # so we need to decode our bytes
-    return LooseVersion(result.group(1).decode())
+    # LooseVersion works with strings; decode
+    ver_str = result.group(1).decode()
+    with distutils.version.suppress_known_deprecation():
+        return LooseVersion(ver_str)
 
 def get_versions():
     """ Try to find out the versions of gcc, ld and dllwrap.
diff --git a/setuptools/_distutils/tests/test_version.py b/setuptools/_distutils/tests/test_version.py
index 8671cd2fc5..d50cca1fc0 100644
--- a/setuptools/_distutils/tests/test_version.py
+++ b/setuptools/_distutils/tests/test_version.py
@@ -1,11 +1,19 @@
 """Tests for distutils.version."""
 import unittest
+import distutils
 from distutils.version import LooseVersion
 from distutils.version import StrictVersion
 from test.support import run_unittest
 
 class VersionTestCase(unittest.TestCase):
 
+    def setUp(self):
+        self.ctx = distutils.version.suppress_known_deprecation()
+        self.ctx.__enter__()
+
+    def tearDown(self):
+        self.ctx.__exit__(None, None, None)
+
     def test_prerelease(self):
         version = StrictVersion('1.2.3a1')
         self.assertEqual(version.version, (1, 2, 3))
diff --git a/setuptools/_distutils/version.py b/setuptools/_distutils/version.py
index c33bebaed2..35e181dbb6 100644
--- a/setuptools/_distutils/version.py
+++ b/setuptools/_distutils/version.py
@@ -27,6 +27,20 @@
 """
 
 import re
+import warnings
+import contextlib
+
+
+@contextlib.contextmanager
+def suppress_known_deprecation():
+    with warnings.catch_warnings(record=True) as ctx:
+        warnings.filterwarnings(
+            action='default',
+            category=DeprecationWarning,
+            message="distutils Version classes are deprecated.",
+        )
+        yield ctx
+
 
 class Version:
     """Abstract base class for version numbering classes.  Just provides
@@ -36,6 +50,12 @@ class Version:
     """
 
     def __init__ (self, vstring=None):
+        warnings.warn(
+            "distutils Version classes are deprecated. "
+            "Use packaging.version instead.",
+            DeprecationWarning,
+            stacklevel=2,
+        )
         if vstring:
             self.parse(vstring)
 
@@ -165,7 +185,8 @@ def __str__ (self):
 
     def _cmp (self, other):
         if isinstance(other, str):
-            other = StrictVersion(other)
+            with suppress_known_deprecation():
+                other = StrictVersion(other)
         elif not isinstance(other, StrictVersion):
             return NotImplemented
 
@@ -301,11 +322,6 @@ class LooseVersion (Version):
 
     component_re = re.compile(r'(\d+ | [a-z]+ | \.)', re.VERBOSE)
 
-    def __init__ (self, vstring=None):
-        if vstring:
-            self.parse(vstring)
-
-
     def parse (self, vstring):
         # I've given up on thinking I can reconstruct the version string
         # from the parsed tuple -- so I just store the string here for
diff --git a/setuptools/_distutils/versionpredicate.py b/setuptools/_distutils/versionpredicate.py
index 062c98f248..55f25d91ae 100644
--- a/setuptools/_distutils/versionpredicate.py
+++ b/setuptools/_distutils/versionpredicate.py
@@ -23,7 +23,9 @@ def splitUp(pred):
     if not res:
         raise ValueError("bad package restriction syntax: %r" % pred)
     comp, verStr = res.groups()
-    return (comp, distutils.version.StrictVersion(verStr))
+    with distutils.version.suppress_known_deprecation():
+        other = distutils.version.StrictVersion(verStr)
+    return (comp, other)
 
 compmap = {"<": operator.lt, "<=": operator.le, "==": operator.eq,
            ">": operator.gt, ">=": operator.ge, "!=": operator.ne}
@@ -162,5 +164,6 @@ def split_provision(value):
         raise ValueError("illegal provides specification: %r" % value)
     ver = m.group(2) or None
     if ver:
-        ver = distutils.version.StrictVersion(ver)
+        with distutils.version.suppress_known_deprecation():
+            ver = distutils.version.StrictVersion(ver)
     return m.group(1), ver
diff --git a/setuptools/depends.py b/setuptools/depends.py
index 8be6928a31..adffd12db8 100644
--- a/setuptools/depends.py
+++ b/setuptools/depends.py
@@ -2,7 +2,8 @@
 import marshal
 import contextlib
 import dis
-from distutils.version import StrictVersion
+
+from setuptools.extern.packaging import version
 
 from ._imp import find_module, PY_COMPILED, PY_FROZEN, PY_SOURCE
 from . import _imp
@@ -21,7 +22,7 @@ def __init__(
             attribute=None, format=None):
 
         if format is None and requested_version is not None:
-            format = StrictVersion
+            format = version.Version
 
         if format is not None:
             requested_version = format(requested_version)
@@ -40,7 +41,7 @@ def full_name(self):
     def version_ok(self, version):
         """Is 'version' sufficiently up-to-date?"""
         return self.attribute is None or self.format is None or \
-            str(version) != "unknown" and version >= self.requested_version
+            str(version) != "unknown" and self.format(version) >= self.requested_version
 
     def get_version(self, paths=None, default="unknown"):
         """Get version number of installed module, 'None', or 'default'
@@ -78,7 +79,7 @@ def is_current(self, paths=None):
         version = self.get_version(paths)
         if version is None:
             return False
-        return self.version_ok(version)
+        return self.version_ok(str(version))
 
 
 def maybe_close(f):
diff --git a/setuptools/dist.py b/setuptools/dist.py
index 74afa98fd6..37a10d1dcd 100644
--- a/setuptools/dist.py
+++ b/setuptools/dist.py
@@ -25,7 +25,6 @@
 
 from distutils.errors import DistutilsOptionError, DistutilsSetupError
 from distutils.util import rfc822_escape
-from distutils.version import StrictVersion
 
 from setuptools.extern import packaging
 from setuptools.extern import ordered_set
@@ -39,6 +38,7 @@
 from setuptools.monkey import get_unpatched
 from setuptools.config import parse_configuration
 import pkg_resources
+from setuptools.extern.packaging import version
 
 if TYPE_CHECKING:
     from email.message import Message
@@ -55,7 +55,7 @@ def _get_unpatched(cls):
 def get_metadata_version(self):
     mv = getattr(self, 'metadata_version', None)
     if mv is None:
-        mv = StrictVersion('2.1')
+        mv = version.Version('2.1')
         self.metadata_version = mv
     return mv
 
@@ -103,7 +103,7 @@ def read_pkg_file(self, file):
     """Reads the metadata values from a file object."""
     msg = message_from_file(file)
 
-    self.metadata_version = StrictVersion(msg['metadata-version'])
+    self.metadata_version = version.Version(msg['metadata-version'])
     self.name = _read_field_from_msg(msg, 'name')
     self.version = _read_field_from_msg(msg, 'version')
     self.description = _read_field_from_msg(msg, 'summary')
@@ -121,7 +121,10 @@ def read_pkg_file(self, file):
         self.download_url = None
 
     self.long_description = _read_field_unescaped_from_msg(msg, 'description')
-    if self.long_description is None and self.metadata_version >= StrictVersion('2.1'):
+    if (
+        self.long_description is None and
+        self.metadata_version >= version.Version('2.1')
+    ):
         self.long_description = _read_payload_from_msg(msg)
     self.description = _read_field_from_msg(msg, 'summary')
 
@@ -132,7 +135,7 @@ def read_pkg_file(self, file):
     self.classifiers = _read_list_from_msg(msg, 'classifier')
 
     # PEP 314 - these fields only exist in 1.1
-    if self.metadata_version == StrictVersion('1.1'):
+    if self.metadata_version == version.Version('1.1'):
         self.requires = _read_list_from_msg(msg, 'requires')
         self.provides = _read_list_from_msg(msg, 'provides')
         self.obsoletes = _read_list_from_msg(msg, 'obsoletes')
diff --git a/setuptools/tests/test_setuptools.py b/setuptools/tests/test_setuptools.py
index 42f8e18bef..3609ab5ed8 100644
--- a/setuptools/tests/test_setuptools.py
+++ b/setuptools/tests/test_setuptools.py
@@ -7,10 +7,11 @@
 from distutils.errors import DistutilsOptionError
 from distutils.errors import DistutilsSetupError
 from distutils.core import Extension
-from distutils.version import LooseVersion
 
 import pytest
 
+from setuptools.extern.packaging import version
+
 import setuptools
 import setuptools.dist
 import setuptools.depends as dep
@@ -84,12 +85,12 @@ def testRequire(self):
 
         assert req.name == 'Json'
         assert req.module == 'json'
-        assert req.requested_version == '1.0.3'
+        assert req.requested_version == version.Version('1.0.3')
         assert req.attribute == '__version__'
         assert req.full_name() == 'Json-1.0.3'
 
         from json import __version__
-        assert req.get_version() == __version__
+        assert str(req.get_version()) == __version__
         assert req.version_ok('1.0.9')
         assert not req.version_ok('0.9.1')
         assert not req.version_ok('unknown')
@@ -97,11 +98,6 @@ def testRequire(self):
         assert req.is_present()
         assert req.is_current()
 
-        req = Require('Json 3000', '03000', 'json', format=LooseVersion)
-        assert req.is_present()
-        assert not req.is_current()
-        assert not req.version_ok('unknown')
-
         req = Require('Do-what-I-mean', '1.0', 'd-w-i-m')
         assert not req.is_present()
         assert not req.is_current()