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.
Local journalism is essential.
Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.
Subscribe to the Coronavirus newsletter
Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.