NEW YORK (AP) — Lowe’s completed a $2.4 billion buyout of Canadian home improvement retailer Rona Inc., the company said Friday, one week after Canadian regulators signed off on the deal.
Lowe’s completes $2.4 billion Rona buyout
The Mooresville, North Carolina, went after Rona for a second time in February after its first attempt to acquire the company in 2012.
The acquisition creates one of the largest home improvement retailers in Canada, with 539 store locations. U.S. rival The Home Depot Inc., which is based in Atlanta, has about 180 Canadian stores.
Lowe’s and rival Home Depot have seen sales boom in the midst of a strong recovery in the U.S. housing market. Both companies have reported positive first-quarter results and upbeat outlooks.
Lowe’s Companies Inc. this week reported a 31 percent spike in first-quarter revenue. Profits rose almost 8 percent.