Lowe’s gets approval from Canadian regulators to buy Rona

NEW YORK – Lowe’s says it has received approval from Canadian regulators to buy home improvement retailer Rona.

The approval clears the way for Lowe’s to buy its Canadian rival. The company expects the deal to close next week.

Lowe’s Cos., based in Mooresville, North Carolina, announced it was buying Rona in February for about $2.3 billion. It previously tried to buy Rona in 2012, but that deal fell through.

Buying Rona will increase its Canadian business. Lowe’s has about 40 stores in the country, while Rona Inc. has nearly 500 stores.