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Lowe’s makes another run for Canada’s Rona in $2.3B deal
NEW YORK, N.Y. – Lowe’s is expanding its footprint in Canada through the $2.3 billion acquisition of the home improvement retailer Rona.
It’s Lowe’s second bid for the company, after an attempt several years ago fell apart.
Chairman and CEO Robert Niblock said in a written statement Wednesday that the deal will provide access to Quebec, a province of more than 8 million people, where Lowe’s currently has no presence.
Rona has nearly 500 corporate and independent affiliate dealer stores in Canada.
Lowe’s Cos., based in Mooresville, North Carolina, will have its Canadian head office in Boucherville, Quebec. The Canadian operations will be run by Lowe’s Canada President Sylvain Prud’homme.
The boards of both companies have approved the deal.
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